RobertB
December 10th, 2007, 08:55 PM
Subprimes force UBS to write down $10B
By ERNST E. ABEGG, Associated Press Writer Mon Dec 10, 5:21 PM ET
ZURICH, Switzerland - UBS AG will write off a further $10 billion in losses from the U.S. subprime lending market, the Swiss bank said Monday, and raise billions in capital through share sales to Singapore and an unidentified investor in the Middle East.
UBS said it will post a loss for the fourth quarter and may now record a loss for the full year as well. That comes on top of the 4.2 billion francs written off in its third quarter, making 14.2 billion francs ($12.6 billion) in writedowns from the subprime crisis by UBS this year.
http://news.yahoo.com/s/ap/20071210/ap_on_bi_ge/switzerland_ubs;_ylt=AsCb.C7mzBRf.uMnuyoKHres0NUE
By ERNST E. ABEGG, Associated Press Writer Mon Dec 10, 5:21 PM ET
ZURICH, Switzerland - UBS AG will write off a further $10 billion in losses from the U.S. subprime lending market, the Swiss bank said Monday, and raise billions in capital through share sales to Singapore and an unidentified investor in the Middle East.
UBS said it will post a loss for the fourth quarter and may now record a loss for the full year as well. That comes on top of the 4.2 billion francs written off in its third quarter, making 14.2 billion francs ($12.6 billion) in writedowns from the subprime crisis by UBS this year.
http://news.yahoo.com/s/ap/20071210/ap_on_bi_ge/switzerland_ubs;_ylt=AsCb.C7mzBRf.uMnuyoKHres0NUE