Top Swiss bank hit by sub-prime crisis

Swiss banking giant UBS today announced a further $19bn US (€12.2bn) of writedowns related to the US sub-prime crisis.

Top Swiss bank hit by sub-prime crisis
Tue, 01 Apr, 2008 - 08:52

Swiss banking giant UBS today announced a further $19bn US (€12.2bn) of writedowns related to the US sub-prime crisis.

The hit for the first quarter this year comes on top of the $18.5bn US (€11.8bn) written off by the bank during 2007 from US real estate-related assets.

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