Swiss banking giants risk client flight over subprime: analysts
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Swiss banking titans UBS and Credit Suisse risk losing clients to smaller rivals as annual results next week reveal the heavy impact of the US subprime crisis on their balance sheets.
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Merrill Lynch & Co  warned on Friday that shaky credit markets forced the world's largest brokerage to reduce the value of securities linked to risky subprime mortgages and other products, a move that could hurt third-quarter profit.
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Swiss bank UBSâs string of stinging financial disclosures is  symptomatic of how the subprime drama has unfolded in Europe and is stoking fears of more shocks to come.
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Credit Suisse analysts estimated banks  could lose up to $52 billion over time due to their exposure to  collateralized debt obligations that invested in U.S. subprime  mortgages.
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Credit Suisse faces a fresh assets write-off of 2.5 billion Swiss francs (1.5 billion euros, 2.3 billion dollars) from the US sub-prime crisis, Sonntag newspaper reported Sunday.
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Contrarian investors who think now is the time to start buying beaten-down banking stocks could be in for a shock if they don't carefully review those companies' distressed home-equity loan portfolios.
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Firm is in hot seat for selling subprime securities to a Massachusetts city.
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After escaping a rising tide of subprime defaults earlier this year, leading U.S. investment banks and brokerages face an opaque offshoot of those risky mortgages.
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Risks to global expansion have  recently increased due to tensions in the U.S. subprime  mortgage market and there are fears of growing spillovers to  other segments, the European Central Bank said on Thursday.
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Fed boss Ben Bernanke is monitoring problems at bond insurers that may see more sub-prime banking losses.
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Citigroup said in a research note that  UBS  could face up to 20 billion Swiss francs ($18.10  billion) in new writedowns in 2008 after revealing it has $80  billion in exposures to subprime loans and other debt.
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Fortis looks set to be under pressure on Monday after a media report that the Belgian-Dutch bank would write down up to 2 billion euros ($2.9 billion) off its subprime portfolio and after its shares fell on talk of profit warnings.
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Subprime-related problems at UBS AG deepened on Wednesday as the Swiss bank unveiled $4 billion in new writedowns in a surprise statement, dragging the embattled bank deep into the red for the year.
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Bankers remain wary of plans to  launch a massive investment rescue fund to soften the blow of  the U.S. subprime meltdown, saying it could interfere with a  market recovery and stall a resolution to the credit crisis.
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New York prosecutors are investigating  whether Wall Street banks withheld information about the risks  stemming from subprime loan-linked investments, The New York  Times reported on Saturday.
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The Swiss bank UBS said Monday it could face additional writedowns in its fourth quarter results due to ongoing market exposure to a credit crunch caused by problems in the US housing sector.
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Subprime-related problems at UBS AG mounted on Wednesday as the Swiss bank unveiled $4 billion in new write-downs in a surprise statement and sank deep into the red for the year.