UBS takes further hit of $4bn

  • Story by: Sharon Flaherty
  • Magazine: FTAdviser
  • Published Wednesday , January 30, 2008

UBS Investment Bank has revealed $4bn of write-downs for 2007 on its portfolio of mortgage-related securities.

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The announcement comes ahead of the bank’s annual results due to be published on 14 February.The firm said in its full year 2007 results is will report a net loss of around CHF 4.4bn ($4bn). At the end of last year, the bank indicated that it may record a net loss for full-year 2007. The latest write-downs reflect weak trading revenues in the Fixed Income, Currencies and Commodities (FICC) business in the Investment Bank including losses on positions related to the US sub-prime mortgage market and the US residential mortgage market.The news brings the total write-downs for the investment bank in 2007 to over $14bn.

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