Bear Stearns posts huge loss, cuts bonuses
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Bear Stearns Cos Inc  posted a much bigger-than-expected quarterly loss on Thursday, capping a fiscal year when the fifth-largest U.S. investment bank took a beating on bad bets on risky subprime mortgages.
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Two large Wall Street firms - Morgan Stanley and Bear Stearns - reported a fall in quarterly profits yesterday in sharp contrast to rival players who presented an upbeat performance the day before.
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The loss of $854 million exceeded fears about how badly the bank was hurt by its subprime mortgage bets.
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Quality Distribution is hammered after reporting a large loss for the second quarter.
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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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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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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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NEW YORK -- Bear Stearns Cos., the fifth-largest U.S. investment house, on Thursday reported robust capital markets and investment banking activity helped it achieve the best fourth quarter in the company's history.
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Stocks slid on Wednesday, as the Federal Reserve lowered its economic growth forecast, adding to already frayed nerves after Bear Stearns said its two hedge funds that had big bets on risky mortgages were nearly worthless.
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Two Bear Stearns hedge funds, worth more than $20 billion, teetered on collapse yesterday after absorbing major losses from investments in the subprime mortgage industry.
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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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The bigger-than-expected write-down of its mortgage portfolio led to a quarterly loss of $859 million, the bank said.
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Washington Mutual Inc , the largest U.S. savings and loan, suffered a larger-than-expected $1.87 billion fourth-quarter loss on Thursday, battered by mortgage defaults and write-downs.
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Bear Stearns reported its first quarterly loss ever, stung by the mortgage crisis that has swept markets across the globe.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its bad bets on subprime mortgages.
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The bank said its fourth-quarter earnings fell sharply,  to $268 million from $5.26 billion a year earlier, hurt by mounting credit losses and weak investment banking results.
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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.