UBS subprime losses mount, bank deep in red
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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.
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U.S. government prosecutors are  investigating whether Swiss banking giant UBS misled investors  by reporting inflated prices of mortgage-backed securities it  held despite knowing those valuations had eroded, the Wall  Street Journal said on Saturday.
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UBS AG  said it cannot predict the final impact of the subprime crisis but that a new capital injection would strengthen its position as it called on shareholders to support its emergency capital hike.
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Bad bets on subprime mortgages might  have blown mansion-sized holes in the balance sheets of some  big banks, but bankers are not scaling back their plans for  splurging this bonus season, according to Trader Monthly.
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Wall Street banks are bracing for another wave of multibillion-dollar losses as the crisis that began with subprime mortgages spreads through the credit markets.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its bad bets on subprime mortgages.
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ST. LOUIS  - Losses to lenders and investors in subprime mortgage markets were even-handed and the result of poor underwriting and investing decisions, St. Louis Federal Reserve Bank President William Poole said on Friday.
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UBS , struck with billions of dollars of writedowns on subprime exposures, is trying to persuade investment bankers to stay with the company by allowing them to sell some of their share-based bonuses after just one year, the Financial Times reported.
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The bank posted a fourth-quarter loss of $11.28 billion, and a loss for the entire year, besieged by investments in U.S. subprime mortgages. It said it expected more problems in 2008.
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Swiss banking giant UBS plunged to its first-ever full-year net loss on Thursday after losing 18 billion dollars in the US subprime mortgage crisis.
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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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UBS is reportedly facing shareholder opposition to a huge injection of funds from Singapore and the Middle East to help the Swiss banking giant overcome the US subprime mortgage meltdown.
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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.
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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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Reports of fresh damage from the teetering U.S. subprime mortgage sector provoked financial market wobbles on Tuesday as central banks around the world said their interest rate intentions had been thrown into doubt.
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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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Banking giant UBS is cautious over prospects for the rest of the year after a lull in trading hurt its third-quarter profit, despite a strong showing by its blockbuster wealth management operation.