Items Tagged with 'Peter Kurer'


  • 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 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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