UBS plunges to third quarter loss after US subprime crisis
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Switzerland's largest bank, UBS, on Tuesday said it had suffered a loss of 830 million Swiss francs (495 million euros, 713 million dollars) in the third quarter after its results were hit by the crisis in the US home loans market.
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Banking giant UBS was cautious over prospects for the rest of the year after a lull in trading hurt its third-quarter profit, despite a strong showing by its blockbuster wealth management operation.
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Swiss bank UBS has revealed $26.6  billion in exposure to risky U.S. mortgages distinct from  subprime loans, increasing its vulnerability to the global  credit crisis and sending its shares sharply lower.
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Swiss banking giant UBS said on Wednesday it would post a full-year loss of 4.4 billion Swiss francs (3.5 billion dollars, 2.75 billion euros) for 2007 due to its exposure to the US subprime crisis.
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UBS offered no hope Thursday for a near-term turnaround as it posted an $11.3 billion fourth-quarter loss and warned that 2008 would be a âdifficultâ year.
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Stocks plunged on Tuesday in their second-worst sell-off of the year as the impact of losses in the subprime mortgage group cascaded across the financial sector, knocking down shares of investment banks and traditional lenders.
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UBS (NYSE:UBS) led European shares on a roller-coaster ride on Thursday when growing fears that losses at ailing bond insurers would pummell the banking sector capped the worst yet January for European stock markets.
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The European banking sector continued to be hammered on Monday. Shares in French, German and Swiss banks were the hardest hit, but even Spanish and Italian institutions with minimal US subprime exposure could not escape.
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The stock market fell sharply last week as the subprime mortgage crisis spilled over into the broad financial markets.
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Stocks fell for a third straight session on Friday as concern over rising defaults in the subprime mortgage industry sent financial shares to their worst decline in a month.
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Morgan Stanley yesterday said third-quarter profit sank 17 percent, as the number two US investment bank was forced to write down nearly $1 billion worth of loans amid the summer's global credit crisis.
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UBS plans to shrink its investment bank arm after huge losses linked to the US sub-prime loans crisis.
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Investment bank Morgan Stanley says it has suffered a $3.7bn loss from its US sub-prime mortgage exposure.
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UBS AG, Europeâs largest bank by assets, reported its first quarterly loss in almost five years after $4.4 billion in losses and writedowns on fixed-income securities.
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European equity markets fell sharply on Tuesday, with financial stocks heading the losses, as concerns over the state of the US subprime mortgage market hit banking stocks.
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The investment bank reported 3rd-quarter profit fell 3% to $887 million, on fallout from the subprime-mortgage crisis.
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Swiss bank UBS reports a loss for the whole of 2007, hit by bad investments in US sub-prime home loans.