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.
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“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.
Published: 15-02-08
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