Items Tagged with 'Marcel Ospel'

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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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