December 10, 2007

Subprimes force UBS to write down $10B (AP)

Marcel Ospel, Chairman of the board of Swiss banking giant UBS, speaks during the general assembly in Zurich, Switzerland in this April 18, 2007 file photo. UBS AG on Monday, Dec. 10, 2007 said it will write off a further $10 billion on losses in the U.S. subprime lending market and will raise capital by selling substantial stakes to Singapore and an unnamed investor in the Middle East. (AP Photo/Keystone, Eddy Risch, file)AP – UBS AG will write off a further $10 billion in losses from the U.S. subprime lending market, the Swiss bank said Monday, and raise billions in capital through share sales to Singapore and an unidentified investor in the Middle East.

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