UBS takes further $4bn hit on sub-prime
UBS takes another hit due to its sub-prime investments, pushing the bank towards a $4bn loss for 2007
The US sub-prime disaster inflicted further pain on investment bank UBS,
suffering a further $4bn (£2bn) writedown.
The news came ahead of its annual results on 14 February, which should see it
post a loss of $4bn for 2007.
The bank announced the further losses after providing details of its initial
disclosure of $10bn in writedowns last month
Its new position was $12bn in writedowns in the Q4 2007 on sub-prime
investments, and another $2bn on ‘other positions related to the US residential