The US sub-prime mortgage crisis has taken more victims as Switzerland’s
banking regulator warned Thursday that the country’s two largest banks could
face further write-downs.
Shares in UBS and Credit Suisse fell swiftly yesterday afternoon with UBS,
the country’s largest bank, dropping 8% and Credit Suisse, Switzerland’s
second-largest bank, falling 6 per cent.
Daniel Zuberbühler, the director of the Swiss Federal Banking Commission,
said: ‘People here are talking about the next hotspots, meaning areas that will
come under pressure next … It cannot be ruled out that there could be more
[losses] to come,’ the
USB has now increased its estimated quarterly losses by £2bn to £7bn. UBS’s
total sub-prime losses of £9.2bn are so far reckoned to be the highest of
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars