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  • UBS hit by further $4bn write-down ($18bn for 2007)

    01/29/2008 11:41:08 PM PST · by TigerLikesRooster · 5 replies · 103+ views
    FT ^ | 01/30/08 | Haig Simonian
    UBS hit by further $4bn write-down By Haig Simonian in Zurich Published: January 30 2008 07:21 | Last updated: January 30 2008 07:21 UBS, one of the biggest casualties of the US subprime crisis, on Wednesday revealed a further $4bn in write downs on its portfolio of troubled mortgage-related securities. The surprise announcement, coming ahead of the Swiss bank’s annual results on February 14, means UBS will report a net group loss of about SFr4.4bn ($4bn) for 2007. UBS said the full-year loss, which it had signalled when disclosing initial fourth-quarter subprime writedowns of $10bn last month, stemmed from additional...