Swiss bank UBS plunges to Q3 loss after US subprime crisis
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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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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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London equities fell on Tuesday after news of increased full-year writedowns at Barclays (NYSE:BCS) took the shine off banking stocks. There was further pressure in the sector after surprise news of fresh $2.85bn losses at Credit Suisse (NYSE:CS).
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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.
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GENEVA -- UBS AG said Wednesday it expects a record fourth-quarter loss of around $11.45 billion, largely from bad investments in U.S. subprime mortgages.
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Will the bad news never end? On Wednesday, UBS (NYSE:UBS) revealed its third hit from the US subprime crisis, bringing the Swiss bank's total write-downs for 2007 to a staggering $18bn. This while the world is still trying to comprehend how Soci&eacute;t&eacute; G&eacute;n&eacute;rale could have failed to stop an alleged rogue trading scam in the heart of its best-performing business - equity derivatives - costing it EU4.9bn ($7.2bn) and its international credibility. ...
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NEW YORK/ZURICH  - UBS AG  , Switzerland's largest bank, in a surprise move on Thursday replaced Chief Executive Peter Wuffli with his deputy, Marcel Rohner, and said Wuffli would leave the company.
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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.
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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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Business & money: Swiss bank takes hit in fourth quarter but substantially less affected by sub-prime crisis than rival UBS
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The FTSE 100 lost ground on Tuesday as news of shock writedowns at Credit Suisse (NYSE:CS) overshadowed reassuring figures from Barclays (NYSE:BCS).
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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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Barclays, the nation's third-biggest bank, said on Tuesday that net profits sank in 2007 owing to fallout from the US subprime housing crisis and the related global credit squeeze.
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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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Shares in Swiss bank Credit Suisse  fell by around 3 percent on Monday after a Swiss newspaper reported the bank faced writedowns in its commercial mortgage and leveraged-finance business.
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Banking giant UBS (UBSN.VX: Quote, Profile, Research) was cautious over prospects for the rest of the year after a lull in trading hurt its third-quarter profit, despite
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Switzerland's largest bank, UBS, confirms it may face legal action from US federal regulators for possible breaches of securities law.