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
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016