Tuesday, April 1, 2008

UBS loses $19 Billion

Go to AP original
ZURICH, Switzerland (AP) — UBS AG's chairman abruptly resigned Tuesday as the Swiss bank reported a first-quarter loss of $12.1 billion and said it would seek $15.1 billion in new capital.

UBS revealed more serious damage from exposure to the U.S. subprime crisis and said it expects write-downs of approximately $19 billion.

As UBS Chairman Marcel Ospel stepped down, Deutsche Bank AG, Germany's largest bank, announced similar write-downs of about $4 billion.


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