Items Tagged with 'Banking in Switzerland'


  • US RMBS Trading Boosts Credit Suisse

    Swiss banking giant Credit Suisse posted CHF 1.6bn (US$1.49bn) in Q209 profit, from CHF 1.2bn in the year-ago quarter. The gain comes as the firm said its investment banking division "reduced our exposure to the areas we decided to exit." Trading among US residential mortgage-backed securities (RMBS), in particular, drove CHF 5.3bn (Switzerland francs) of revenue in the quarter.
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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 Expects Loss, Head Count Reduction

    UBS [stock UBS][/stock] expects to post a loss of almost $1.75bn (CHF 2bn) in Q109 and to cut its head count by approximately 11%, according to early reports released Wednesday. The exact source of these losses are elusive, yet contribute to the darkening banking market across the pond.
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  • Crossing Fingers Amid Sweeping Layoffs

    It seems as though everything wrong with the economy these days is somehow related to the mortgage industry crisis. The way we see it, there's a sort of formulaic connection between the troubled industry and the unraveling of the economy: Subprime mess plus banking meltdown times the effects of the bailout legislation equals hard times for the so-called "real economy," no matter what policy heads are saying after the package's approval Friday by House members.
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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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  • Credit Suisse Shares Fall on CMBS Concerns

    It's pretty clear that 2008 is starting off with everyone looking left, looking right, looking up, looking down -- trying desperately to make sure they're on solid footing and that the mortgage-led mess causing problems for many isn't reaching further into the financial markets. Case in point: concern over commercial real estate has seemingly already reached a fever pitch. HW has published four stories alone in the past week on the issue.
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