Items Tagged with 'Dillon, Read & Co.'

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  • UBS Loss Narrows, Capital Ratio Slips

    Swiss banking giant UBS [stock UBS][/stock] posted a net quarterly loss of 1.98bn in Swiss Francs (CHF). This is equal to $1.75bn and represents a narrowing from the $8.45bn (CHF9.56) loss taken in the previous quarter. A $530m (CHF600m) goodwill impairment charge relating to the sale of UBS Pactual, in concert with risk positions -- resulting from businesses UBS has either exited or is exiting  -- drove the quarter's loss.
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  • UBS May Post Q3 Profit; Trims Mortgage Exposure

    Global wealth manager UBS AG [stock UBS][/stock] announced Thursday it expects to return slight Q3 profits after cutting its exposure to U.S. residential mortgages. "Despite extremely volatile market conditions, UBS currently expects to report a small profit for the third quarter, based on preliminary estimates," the company said in a brief press statement.
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  • UBS Shares Slide Over Mortgage Concerns, Tax Probe

    Europe's worst-hit bank throughout the U.S. mortgage mess, UBS AG [stock UBS][/stock], saw its shares slide further Tuesday morning as the bank shuffled its governance in an effort to appease uneasy investors, kicking four board members to the curb in the process.
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  • UBS Faces More Writedowns: Journal

    Battered Swiss bank UBS AG [stock UBS][/stock] faces what are expected to be further write-downs on its mortgage related positions when it reports its second quarter results, according to published report Tuesday morning.
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  • More Mortgage Losses Ahead? UBS Suggests Worst Isn't Over, Yet

    It's become a somewhat predictable pattern as the mortgage crisis has rolled onward: company takes huge losses, investors hope for the best, company executives mask the same hope as fact, only to post more losses in the next earnings period, leading investors to (again) hope for the best. And thus the cycle has tended to repeat for the past three quarters or so.
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  • BlackRock Nearing Deal on UBS Mortgage Assets: Report

    Private equity titan BlackRock Inc. [stock BLK][/stock] is in early-stage negotiations with UBS AG [stock UBS][/stock], Switzerland's largest bank, to take over and manage its remaining U.S. mortgage assets, Bloomberg News reported Monday. UBS has been sent reeling by more than $38 billion in subprime and mortgage-related write-downs in the past 12 months, and is expected to post another hefty loss in first quarter earnings scheduled for release Tuesday morning. Via Bloomberg's coverage:
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  • UBS Writes Down Another $19 Billion; Will Form Distressed Asset Sub

    UBS AG said Tuesday that it wrote down $19 billion on debt securities in the first quarter, as the bank continues to reel from exposure to the mortgage markets. Switzerland's largest bank has now written off a total of nearly $40 billion since the third quarter of 2007, thanks largely to subprime and Alt-A mortgages in the U.S. -- a loss in value that led to the abrupt resignation of chairman Marcel Ospel on Tuesday, as well.
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  • UBS Faces Record Loss After More Write-downs

    UBS said late Tuesday that it faced a record loss of roughly $11.5 billion as write-downs tied to the U.S. mortgage market continued to exact a toll on Switzerland's largest bank. In pre-announcing its fourth quarter earnings, UBS said it lost $12 billion on subprime-related positions, and another $2 billion in other mortgage positions.
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  • UBS Acknowledges Additional $10 Billion in Subprime-Related Writedowns

    Cue the music. Again. In a sign that financial losses associated with mortgage banking have yet to run their course, UBS said this morning it will take a $10 billion charge in the fourth quarter, citing revisions to "key input parameters of the models that are used to estimate lifetime default and resulting losses for sub-prime mortgage pools." From the press statement:
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