UBS bank: Billions to write off
Swiss bank UBS AG said Monday that it would write down another $10 billion of US subprime mortgage investments and expected a loss in the Q4.
Europe’s largest bank by assets marked down $3.7 billion of losses in October on investment losses related to the credit squeeze caused by the subprime crisis and reported its first loss in nine years in the Q3. It might also report a loss for all of 2007, the Zurich-based bank said Monday. (m&c.com)
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