UBS subprime losses deepen, bank deep into red
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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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UBS, the biggest European casualty of the U.S. subprime crisis, said it was shrinking its investment banking business, cutting staff and drastically scaling down its exposure to risky investments.
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Swiss bank UBS reports a worse-than-expected third quarter loss, hit by bad debt in the US housing market.
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Banking giant UBS (UBSN.VX: Quote, Profile, Research) was cautious over prospects for the rest of the year after a seasonal lull in trading hurt its third-quarter
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Swiss banking giant UBS said on Thursday it had suffered a net loss of 4.4 billion Swiss francs (4.0 billion dollars, 2.7 billion euros) in 2007 after losing billions in the US mortgage crisis.
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Credit Suisse  trimmed its  full-year write-downs linked to the subprime crisis to 2.0  billion Swiss francs ($1.82 billion) on Tuesday in contrast to  rivals hits by rising charges and raked in billions in new  investments from wealthy clients.
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UBS plans to shrink its investment bank arm after huge losses linked to the US sub-prime loans crisis.
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UBS , the biggest European  casualty of the U.S. subprime crisis, said it was shrinking its  investment banking business, cutting staff and drastically  scaling down its exposure to risky investments.
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UBS AG said Wednesday it expects a record loss of around $11.45 billion for the fourth quarter, largely a result of bad investments in U.S. subprime mortgages.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its subprime mortgage bets.
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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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Swiss banking giant UBS posted weaker third-quarter net profit on Tuesday, just missing market expectations, hurt by a seasonal fall in trading revenue despite a strong showing by its flagship private bank.
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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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Switzerland's banking regulator will investigate how UBS  ran up losses in the credit crisis requiring billions of dollars of writedowns, a spokesman for the body was quoted as saying on Sunday.
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Bear Stearns Co Inc  posted a much bigger-than-expected quarterly loss on Thursday, capping a fiscal year when the fifth-largest U.S. investment bank took a beating on bad bets on risky subprime mortgages.
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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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ST. LOUIS  - Poor underwriting and investment decisions in subprime mortgage markets have led to the losses that are now even-handedly punishing lenders and investors, St. Louis Federal Reserve Bank President William Poole said on Friday.