Swiss bank becomes major victim of subprime crisis
Switzerland’s leading UBS bank was the latest victim of the US subprime market, announcing losses of 4 billion Swiss francs ($3.4 billion) in a statement Monday.
It said it would undergo major restructuring with the loss of 1,500 jobs before the end of the year in its investment bank. There would also be a management shake-up, it added. The bank predicted pre-tax losses of between 600 and 800 million Swiss francs for the Q3. Experts claim it as one of the biggest casualties so far of the international money market crisis. The head of the investment bank, Huw Jenkins, is to step aside to become senior advisor to Marcel Rohner.
Rohner, who was named chief executive in July after the sudden departure of CEO Peter Wuffli due to hedge fund losses, will assume control of the investment bank. UBS chief financial officer Clive Standish is to retire. (m&c.com)
ADVERTISEMENT
SMEs Augur Higher Sales, Profit Next Year
Hungary Open to New Double Taxation Avoidance Treaty With U....
Hungarian-born Physicist Ferenc Krausz Shares Nobel Prize
Summer Tourism Season Breaks Pre-COVIDÂ Record
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
