UBS Takes a $14 Billion Write-Off |
| New York Times - Jan 30, 2008 |
UBS, the largest Swiss bank, said Wednesday that it would write off $14 billion in losses on the troubled U.S. housing market and post a net loss for 2007.
The write-offs will result in a record fourth-quarter net loss of approximately 12.5 billion Swiss francs, or $11.4 billion, the bank said in a preliminary earnings statement. It also said it expected to report a full-year net loss of 4.4 billion francs for 2007.
The numbers “include around $12 billion in losses on positions related to the U.S. subprime mortgage market and approximately $2 billion on other positions related to the U.S. residential mortgage market,” the bank said.
UBS said Dec. 10 that it was writing off $10 billion of subprime investments for the fourth quarter, so the numbers Wednesday represented $4 billion more in losses than it had previously disclosed.
Read Full Article from New York Times
- Posted: 2008-01-30 09:19:35
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