Banks' candor makes street suspicious: is spate of write-downs a sign of transparency or "big bath" strategy?
Article Abstract:
Third-quarter charge for Deutsche Bank AG will total $3.11 bil, dropping pretax profit by more than 20% compared to 2006. The write-downs are primarily from loan commitments and loans usually given to buyout firms and from complex securities and poor stock and bond trades. Third quarter performance for Credit Suisse Group will be $1.1 bil, or 1.3 bil Swiss francs, which is less than the previously anticipated 1.6 bil Swiss francs.
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 2007
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UBS takes subprime hit, could post full-year loss
Article Abstract:
Fourth-quarter results for Swiss bank UBS AG included $10 bil in write-downs due to the subprime lending crisis. Officials admitted that the bank may post a loss for 2007. UBS is offsetting the write-downs with additional capital raised via several measures.
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 2007
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UBS pays price for push into investment banking: wrong bet on interest rates helps drive down net 21%; shares fall on higher costs
Article Abstract:
Moving into investment banking has hurt the third-quarter net profit of Swiss bank UBS AG, which fell 1.11 francs per share from the previous year. UBS had calculated that interest rates would rise, but in fact they fell, while costs at the bank rose.
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 2006
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