December 11, 2007

UBS suffer sub prime loses

The large bank from Switzerland UBS has posted massive losses that are directly linked to the US sub prime market collapse; in their loss of nearly £5 billion is the highest amount so far of all of the banks so far.

The bank has been supported by funds from major investors like the Government of Singapore and some other private investors who remain anonymous, without this help that would have been in trouble and we all know how serious that can be!

In total losses are over £35 billion, but that is going to increase as other banks start to report their figures, there some estimates that it may even be as much as £200 billion. It just goes to show how deep these banks were into the American sub prime market.

Source [BBC News]