UBS admits recent failings in damning report

Lack of attention, overconfidence and poor risk management procedures were at the root of UBS's subprime losses, according to a report released by the bank to its shareholders.

The 45-page report is a summary of a longer document sent by the bank to the Swiss federal banking commission, which is investigating the losses.

The bank's subprime writedowns totalled $18.7 billion in 2007, and it reported another $19 billion in writedowns in the first quarter of 2008.

UBS's internal alternative asset

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