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Posted AT 6:35 AM EST on 12/08/08

UBS logs a loss, takes $5.1-billion writedown

ERNST E. ABEGG

The Associated Press

GENEVA — UBS AG, one of the hardest hit banks in the subprime mortgage crisis, said Tuesday that it had further losses and writedowns of $5.1-billion (U.S.) during the second quarter of 2008. Switzerland's largest bank, which also announced further management changes, said its net loss attributable to shareholders for the three months ended June 30 was 358 Swiss francs ($331-million U.S.), compared with a profit of 5.

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