The Big Shitpile
Jan 30th, 2008 at 6:56 am by Susie
Just got a little bit bigger:
ZURICH — UBS AG, one of Europe’s worst-hit banks by the U.S. subprime mortgage crisis, Wednesday warned it will post a record loss for 2007 due to higher-than-expected write-downs linked to risky subprime-debt holdings.
The world’s largest wealth manager said it expects a full-year net loss of about 4.4 billion Swiss francs, or about $4.03 billion, due to losses worth about 16 billion francs tied to the meltdown of the U.S. subprime and residential markets.
The losses linked to bank’s subprime holdings are markedly higher than what UBS stated in December [...]
