Subprimes Push UBS to Annual Loss
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The bank posted a fourth-quarter loss of $11.28 billion, and a loss for the entire year, besieged by investments in U.S. subprime mortgages. It said it expected more problems in 2008.
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ST. LOUIS  - Poor underwriting and investment decisions in subprime mortgage markets have led to the losses that are now even-handedly punishing lenders and investors, St. Louis Federal Reserve Bank President William Poole said on Friday.
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Swiss bank UBS confirms a $4bn loss for 2007, after it was hit by exposure to US sub-prime home loans.
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Switzerland's largest banking group, UBS, has said that the slowdown in the US economy will cast a shadow over global economic prospects in 2007, making financial markets more volatile.
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UBS, Switzerland's largest bank, recorded third quarter losses of 830 million Swiss francs (495 million euros, 713 million dollars) Tuesday, blaming a lack of liquidity following a crisis in the US home loans market.
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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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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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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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Swiss bank UBSâs string of stinging financial disclosures is  symptomatic of how the subprime drama has unfolded in Europe and is stoking fears of more shocks to come.
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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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Credit Suisse analysts estimated banks could lose up to $52 billion over time due to their exposure to collateralized debt obligations that invested in U.S. subprime mortgages.
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Although UBS predicted a return to profitability in the fourth quarter, the losses from subprime mortgage investments left analysts wondering about further big write-offs.
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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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UBS AG, Europe&#39;s biggest bank, said third-quarter profit fell 1 percent as gains from managing funds for millionaires cushioned a drop in investment-banking earnings.
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Swiss bank UBS seeks backing to sell stakes in the firm as it tries to assess the impact of the US sub-prime crisis
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Troubles with subprime mortgages cast a shadow over the stock market last week as investors worried about a potential growth in losses on loans to risky borrowers. Still, stocks managed to eke out small gains.
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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.