European banking giant UBS yesterday posted a shocking fourth quarter loss of US$13.7 billion ($15.2 billion).
The loss stems from write-downs on securities infected by US sub-prime mortgages.
"Last year was one of the most difficult in our history,” said UBS chief executive officer Marcel Rohner.
“While most of our businesses continued to be very profitable, the sudden and serious deterioration in the US housing market, in combination with our large exposure in sub-prime mortgage-related securities and derivatives, has driven us into loss for the year," he said.
Who do you aggregate through?
Thank you for your vote, you can see the results here.
The Federal Court has declared a number of loan contracts entered...
APRA chair Wayne Byres has dismissed the need for a cut to the bu...
From 1 July, all applications for the FHLDS will require a Notice...