BusinessCompany NewsBalance sheet concerns plunges UBS shares

Balance sheet concerns plunges UBS shares

UBS has now increased its estimated quarterly losses by £2bn to £7bn

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
Times
reported.

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
European banks.

Further reading:

UBS announces further write-down – £9bn to date

UBS takes further $4bn hit on sub-prime

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

4w Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

5m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

5m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

8m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

8m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

8m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

8m Emma Smith, Managing Editor