UBS announced $3.4 billion in write-downs, including deep mortgage losses at a hedge fund it operated, and said it would report its first quarterly loss in nine years. It slashed 1,500 jobs and ousted the head of its U.S. investment banking operations, saying its new CEO, Marcel Rohner, would run the division.
UBS rival Credit Suisse Group also said Monday that its investment banking and asset management operations had suffered in the third quarter but that the company would still record a profit for the period.
Hi, I'm Jen and I'm here to help. Submit your complaint here or get help here
This article, UBS Feels the Sub-prime Mortgage Blues, is just one of our articles from our Mortgage Crisis Daily
The Subprime Mortgage Crisis Before, During, and After
Mortgage Crisis Daily monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
