UBS Posts Larger-Than-Expected Loss
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The Swiss bank reported its first quarterly loss in five years after hefty writedowns on subprime-related investments, but said it expects a group profit in the last quarter.
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BARCLAYS said yesterday it was on course for a profits haul of about Â£4.5 billion this year. But the shares were the biggest faller on the Footsie as the market was disappointed with a flat performance from
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Countrywide Financial Corp, the mortgage lender that agreed this month to be acquired by Bank of America Corp, posted a larger-than-expected $421.9 million quarterly loss on Tuesday, as more homeowners fell behind on payments.
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Bank of America Corp, the second-largest U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.
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UBS AG  UBS Financial Services Inc has been censured and fined $370,000 in a settlement with the Financial Industry Regulatory Authority (FINRA) for making what the self-regulatory group said were hundreds of late disclosures about its brokers.
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The chip maker reported a net loss of $396 million, larger than Wall Street expected, but sales were up 23 percent on strong personal-computer demand.
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Barclays PLC  may have tallied big losses in a Bear Stearns Cos.  hedge fund that invested in risky mortgages, The Wall Street Journal reported on Saturday.
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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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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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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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Washington Mutual Inc , the  largest U.S. savings and loan, posted a $1.87 billion  fourth-quarter loss on Thursday, its first quarterly loss in  more than a decade, battered by mortgage defaults and  write-downs.
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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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The Swiss bank UBS said Monday it could face additional writedowns in its fourth quarter results due to ongoing market exposure to a credit crunch caused by problems in the US housing sector.
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Department store operator Bon-Ton Stores Inc.  on Wednesday reported a wider quarterly loss, hurt by an income tax charge, but reaffirmed its fiscal year earnings forecast.
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UBS AG said Wednesday it expects a record loss of around $11.45 billion for the fourth quarter, largely a result of bad investments in U.S. subprime mortgages.
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Swiss banking giant UBS on Wednesday posted its first-ever full-year loss after losing billions in the US mortgage crisis and turning to Asian investors for a bail-out, sparking shareholder discontent.
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The loss of $854 million exceeded fears about how badly the bank was hurt by its subprime mortgage bets.