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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Lehman Brothers, one of a handful of Wall Street banks to avoid large losses related to subprime mortgages, reported better than expected earnings for the fourth quarter.
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Profits were buoyed by investment banking fees, but the bank said it had set aside more money for possible losses in itâs loan business, though said this wasnât due to subprime lending difficulties.
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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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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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CHINA-BANKING-SUBPRIME (UPDATE 2):UPDATE 2-Bank of China to take big hit on subprime -paper
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Swiss bank UBS confirms a $4bn loss for 2007, after it was hit by exposure to US sub-prime home loans.
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As UBS warned investors that it was vulnerable to further weakness in mortgages, Bear Stearns cut 300 more jobs, also in response to the credit turmoil that has swept Wall Street.
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Shares of subprime lender tumble after margin calls.
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Although UBS predicted a return to profitability in the fourth quarter, the losses from subprime mortgage investments left analysts wondering about further big write-offs.
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Shares in the bank, the second largest in China, fell 5.4 percent in Hong Kong a day after it reported holding almost $9.7 billion in securities backed by subprime mortgages.
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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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A SLIDE of 20% in revenues from equity and bond trading knocked UBS&#39;s third-quarter financial earnings back sharply. Only a strong performance by its 56%-owned Swiss industrial holding company Motor-Columbus
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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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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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ZURICH, Switzerland  -- UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.
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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.