Swiss bank UBS reports huge loss for 2007 after subprime debacle
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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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Switzerland's largest bank, UBS, on Tuesday said it had suffered a loss of 830 million Swiss francs (495 million euros, 713 million dollars) in the third quarter after its results were hit by the crisis in the 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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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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British bank Alliance &amp; Leicester's  2007 profit tumbled 30 percent as it suffered a 185 million pound ($360.4 million) writedown on its exposure to risky assets.
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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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UBS, the largest Swiss bank, said Wednesday that it would write off $14 billion in exposure to the troubled U.S. housing market and post a net loss for 2007.
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HSBC Holdings Plc , Europe's biggest bank, said on Friday that it would close its U.S. subprime mortgage unit, cutting 750 jobs and taking $945 million in charges and write-downs, because the business is no longer sustainable.
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Credit Suisse  trimmed its  full-year write-downs linked to the subprime crisis to 2.0  billion Swiss francs ($1.82 billion) on Tuesday in contrast to  rivals hits by rising charges and raked in billions in new  investments from wealthy clients.
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Wall Street bonuses fell nearly 5 percent in 2007 after a relentless subprime mortgage crisis battered the stock market, forcing the country's biggest investment banks to write down billions in bad loans.
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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 banking giant UBS launched a 15 billion Swiss franc (9.4 billion euros, 12.3 billion dollars) share buyback scheme on Thursday, covering up to 10 percent of its capital.
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UBS AG  ,  Switzerland&#39;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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Swiss bank UBS said that it expected 2008 to be a difficult year after it unveiled $26.6 billion in new exposure to risky American mortgages.
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French bank BNP Paribas, seen as a potential bidder for crisis-hit Societe Generale, reported on Wednesday a record estimated net profit of 7.8 billion euros (11.5 billion dollars) for 2007.
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French bank Societe Generale has uncovered a $7.14 billion fraud that, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital, the bank said.
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Credit Suisse is weathering the credit crisis better than its larger rival, UBS, which wrote down $14 billion in the same period.