Subprime losses hit Q4 results

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Continued weakness in the US subprime mortgage market has forced investment banks in both Europe and the US to revise down earnings predictions and make further write-downs in the fourth quarter.

On December 10, Swiss bank UBS announced it had revised its outlook for the fourth quarter from profit to loss, and said it was possible that it would record a net loss for the full year. UBS attributed this to a continued deterioration in the US subprime mortgage market, and a revision in the assumptio

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