BusinessCompany NewsUBS takes further $4bn hit on sub-prime

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
mortgage market’.

Further reading:

FBI launches probe into sub-prime
accounting

Read
the FT’s take on UBS’ announcement

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