Swiss banking giant UBS plunges into 3.5 bln dlr loss in 2007
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Swiss banking giant UBS said on Wednesday it would post a full-year loss of 4.4 billion Swiss francs (3.5 billion dollars, 2.75 billion euros) for 2007 due to its exposure to the US subprime crisis.
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Barclays, the nation's third biggest bank, said Tuesday that net profits sank by about 3.0 percent last year owing to the US subprime housing crisis and related global squeeze on credit.
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Business & money: Defeat for banks could wipe out Â£3.5bn of income as RBS blames OFT for customers' complaints
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HVB Bank, the second largest bank in Germany, said it would post a loss for 2004 after writing down 2.5 billion euros ($3.2 billion) for its real estate loans portfolio.
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European stocks lost steam on Wednesday ahead of a US interest rate decision with banks and oil stocks leading the slide after Swiss investment banking giant UBS (NYSE:UBS) shocked investors with a $4bn writedown.
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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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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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Bank&#39;s 3Q profit dips, but it says &#39;04 will be better than &#39;03; wealth management stays strong. ZURICH  - Banking heavyweight UBS remained cautious about prospects for the rest of the year after a
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The Swiss-based banking group UBS was cautious over the outlook for its investment bank after a lull in trading crimped its third-quarter profit.
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Swiss bank UBS  said it expected 2008 to be a difficult year after it unveiled $26.6 billion in new exposure to risky U.S. mortgages, but would not say if it would return to profit in early 2008 after huge losses in 2007.
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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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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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United Airlines parent UAL Corp. suffered a loss of $274 million for the third quarter of this year, a smaller hit than it took in the same period of last year, when it lost $367 million.
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Switzerland's largest bank, UBS, on Tuesday reported its first quarterly loss in five years after its third quarter results were hit in the financial crisis caused by the ailing US home loans market.
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Daimler posted its first quarterly loss since 2003, with charges of $3.7 billion from the sale of Chrysler, but analysts cheered big gains by its Mercedes-Benz Car Group.
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Swiss banking giant UBS on Friday announced the surprise resignation of its chief executive Peter Wuffli following a turbulent period for the bank marked by difficulties in the US mortgage market.
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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.