Posted on 05/10/07
Bank writedowns? It's hardly a surprise
Rome -- UBS is a sober Swiss banking giant that has had remarkably few blunders since it was formed 10 years ago from the merger of Union Bank of Switzerland and Credit Suisse. But even it got engulfed in the U.S. subprime mortgage mudslide. On Monday, the bank announced it would write down the value of its fixed-income assets by $3.4-billion (U.S.), creating the company's first quarterly loss in nine years, and eliminate 1,500 investment banking jobs. Among the casualties was investment banking chief Huw Jenkins.
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