Re: It is the largest writedown by any bank since the credit crunch

On Apr 1, 10:26=A0pm, "Charlie.Sadadeen" <CharlieSadad...@[EMAIL PROTECTED]
>
wrote:
> UBS doubles sub-prime writedowns
> Sign outside UBS office
> UBS had warned that 2008 would be a tough year.
>
> Swiss financial giant UBS has re****ted that its write downs as a
> result
> of the sub-prime crisis have more than doubled to about $37bn
> (=A318.5bn).
>
> It is the largest write down by any bank since the credit crunch
> began.
>
> UBS also announced that its chairman and former chief executive Marcel
> Ospel would not be seeking re-appointment.
>
> The bank has announced $19bn of fresh asset write downs on top of the
> $18.4bn it wrote off in 2007, as the value of its assets has
> plummeted.
>
> UBS added that it was seeking to raise 15bn Swiss francs ($15bn;
> =A37.5bn) in capital by issuing new shares.
>
> Today's announcement will alarm both UBS shareholders and the markets
> Robert Peston
> BBC Business editor
>
> Read Robert's blog
> Swiss worry as bank giants fall
>
> Its losses dwarf those declared by US banks such as Citigroup
> ($21.1bn) and Merrill Lynch ($22bn).
>
> Widespread damage
>
> The UBS announcements came as it said it expected to post a first-
> quarter net loss of $12.1bn.
>
> The firm said that the next chapter of the firm's history would be one
> of "discipline and determination".
>
> "There will be other chapters which will not be perfect but none will
> be like the ones we have just written".
>
> The US sub-prime problems have hit the balance sheets of banks
> worldwide and have cost several leading bankers their jobs.
>
> Mr Ospel had previously said that he wanted to stay at the company for
> another year.
>
> MAIN CREDIT CRUNCH LOSSES
> UBS: $37.4bn
> Merrill Lynch: $22bn
> Citigroup: $21.1bn
> HSBC: $17.2bn
> Morgan Stanley: $9.4bn
> Deutsche Bank: $7.1bn
> Bank of America: $5.3bn
> Bear Stearns: $3.2bn
> JP Morgan Chase: $3.2bn
> BayernLB $3.2bn
> Barclays: $2.6bn
> IKB: $2.6bn
> Royal Bank of Scotland: $2.6bn
> Credit Suisse:$2bn
> Source: Company re****ts
>
> Timeline: Sub-prime crisis

this  is  a  good  time  to reduce the power  of the  Swiss  money
power .

asian  Sovereign  funds should take over  UBS .