UBS: UNEXPECTED LOSS CAUSED BY SUBPRIME WRITEDOWNS
October 1st, 2007Via: Bloomberg:
UBS AG, Europe’s biggest bank, had an unexpected third-quarter loss and plans to cut 1,500 jobs after writing down the value of fixed-income securities by more than 4 billion Swiss francs ($3.4 billion).
The pretax loss, the first reported by any of the world’s largest banks, totaled 600 million francs to 800 million francs, the Zurich-based company said today. Huw Jenkins, the head of the investment bank, will step down and become an adviser to Chief Executive Officer Marcel Rohner. Chief Financial Officer Clive Standish will retire. The shares fell.
Posted in Economy | Top Of Page
