UBS subprime losses mount, bank deep in red

UBS subprime losses mount, bank deep in red
Wed Jan 30, 2008 4:26am EST

By Thomas Atkins

ZURICH (Reuters) - Subprime-related problems at UBS AG
mounted on Wednesday as the Swiss bank unveiled $4 billion
in new write-downs in a surprise statement and sank deep
into the red for the year.

The latest disclosure lifted the bank's total write-downs
from the subprime debacle to $18.4 billion and will likely
increase pressure on chairman Marcel Ospel, at the UBS
helm during its push into risky U.S. investments, to resign.

UBS, world banking's leading wealth manager, posted a
12.5 billion Swiss franc ($11.45 billion) loss for the last
three months of 2007 and a full-year loss of 4.4 billion
francs, a grim closure to its worst performance in history.

UBS shares fell 1.7 percent in early trading as analysts
puzzled over the new losses, but later pared most losses.

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