Tuesday May 6
UBS reports first-quarter net loss of $11 billion
“While our exposure is still subject to swings in market conditions, we see market demand for these securities returning in certain areas and at the current level of valuations.”
Swiss bank UBS AG announced Tuesday it would cut 5,500 jobs and reported a net loss of 11.5 billion Swiss francs ($10.97 billion) for the first quarter of this year.
This compares with a net profit of 3 billion francs in the same period last year.
The losses translate to 5.63 francs ($5.35) per share, compared with earnings per share of 1.43 francs in the first quarter of 2007.
The bank warned investors last month to expect net losses of 12 billion Swiss francs ($11.42 billion) for the first three months of the year after writing down about $19 billion on U.S. real estate and related credit positions in the period. Read more
Posted by The Associated Press
Full Story: The Associated Press
Complete Coverage: 48 stories
- Examiner.com - Swiss bank UBS reports 1Q net loss of $11 billion
- Anchorage Daily News - Swiss bank UBS reports 1Q net loss of $11 billion
- MarketWatch - UBS to sell $15 billion in mortgage assets to Blackrock
- 45 more...
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