UBS fails to stem losses from subprime
UBS has warned that its investment bank division will continue to make a loss in the fourth quarter.
The revelation shows how the deteriorating subprime mortgage market in the US continues to pose a threat to the financial markets, and raises questions over how effectively the top investment banks have marked their existing losses to market.
UBS also confirmed that its third-quarter losses were SFr726 million, at the upper end of estimates it released earlier this month.
In a press release issued
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