UBS Reports a Quarterly Loss
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UBS AG, Europeâs largest bank by assets, reported its first quarterly loss in almost five years after $4.4 billion in losses and writedowns on fixed-income securities.
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Swiss banking giant UBS on Friday warned of a "difficult" year ahead after losing 10 billion dollars (6.8 billion euros) in the US subprime mortgage crisis.
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The leading Swiss banking group UBS announced a record net profit of 8.09 billion Swiss francs (5.30 billion euros, 6.62 billion dollars) in 2004, boosted by buoyant financial markets and increased fees.
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Quarterly profit fell a much larger-than-expected 32 percent, hurt by mounting credit losses and poor trading results in the bankâs investment banking unit.
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Citigroup Inc on Tuesday posted its first quarterly loss since its creation in 1998, hurt by write-downs for exposure to subprime mortgages and other risky debt.
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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, depressing its shares.
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Bombardier, the commercial aircraft maker, posted a quarterly loss after writing off its investment in the Metronet Rail subway unit in Britain.
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The countryâs banking regulator is planning to find out how UBS racked up $10 billion in write-downs related to the subprime lending problems in the United States. âWe have to look how the situation got so farâ into a loss, a spokesman for the Federal Banking Commission, Alain Bichsel, said. âItâs our job.â On Dec. 10, UBS announced the largest subprime write-downs by any European bank and said it would raise $16.8 billion to improve its financial strength. Mr. Bichsel said that the bankâs response to the losses was âvery goodâ and that UBS would not face an âinvestigation in the legal sense.â There is no evidence of any wrongdoing by UBS, Europeâs largest bank by assets, he added. A spokesman for UBS, Serge Steiner, declined to comment.
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Swiss bank UBS reports a loss for the whole of 2007, hit by bad investments in US sub-prime home loans.
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Swiss banking giant UBS on Wednesday posted its first-ever full-year loss after losing billions in the US mortgage crisis and turning to Asian investors for a bail-out, sparking shareholder discontent.
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As expected, the athletic-shoe retailer posts a loss in the first quarter.
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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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Business & money: Swiss bank takes hit in fourth quarter but substantially less affected by sub-prime crisis than rival UBS
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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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Bear Stearns, the securities firm that had a big part in triggering the collapse of the subprime market, yesterday reported the first quarterly losses in eight decades in business after write-downs for mortgage holdings and declines in trading and investment banking.
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Swiss bank UBS could face billions of  dollars more in subprime-related write-downs in 2008, which  could tip it into a second year of losses, analysts warned  investors, sending its shares tumbling again.
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Morgan Stanley  on Wednesday  said it has suffered a $3.7 billion loss stemming from its U.S.  subprime mortgage exposure, which it expects will reduce  fourth-quarter earnings by about $2.5 billion.