UBS reports $14bn writedown

UBS revealed in late January that it had taken even more damage from the US subprime debacle than it expected, with writedowns totalling $14 billion. The Swiss bank will report $12 billion in fourth-quarter writedowns on its portfolio of assets linked to US subprime mortgages, and another $2 billion on assets linked to other US residential mortgages. It warned in December that it faced $10 billion in writedowns on its subprime mortgage holdings alone. This follows $4.4 billion in writedowns in t

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