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UBS falls on news of likely record loss
Source: Agencies |
January 13, 2009, Tuesday
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Print Edition
Print Edition
SHARES in UBS AG declined by more than 5 percent yesterday on newspaper reports that the bank will announce a record full-year loss next month and as investors cashed in on increases of the stock's recent rise.
Shares in Switzerland's largest bank stood at just under 16 Swiss francs (US$14.28) on the Zurich exchange shortly before noon.
Analysts at Zuercher Kantonalbank and private bank Vontobel said that press reports released over the weekend were the main reason for the drop in share price, as well as investors booking profits after the stock's 14-percent rise from the previous week.
Swiss newspaper SonntagsZeitung reported on Sunday that the bank expects to make a loss of about 8 billion francs (US$7.14 billion) in the fourth quarter.
Together with previous quarterly losses this would result in a full-year loss of 20 billion francs for 2008 ?? a record for a Swiss company ?? the newspaper said.
SonntagsZeitung did not give a source for its information and UBS spokeswoman Sabine Jaenecke declined to comment on the report or the expected quarterly results, which are to be announced on February 10.
UBS was among the European banks hardest-hit by the United States subprime mortgage crisis.
Last October the Swiss lender took advantage of a US$60-billion bailout offer from the Swiss government allowing it to dispose of poorly performing assets.
The Zurich-based lender is also seeking avenues of ending a United States Justice Department investigation into allegations it helped American customers evade taxes between 2002 and 2007.
Shares in Switzerland's largest bank stood at just under 16 Swiss francs (US$14.28) on the Zurich exchange shortly before noon.
Analysts at Zuercher Kantonalbank and private bank Vontobel said that press reports released over the weekend were the main reason for the drop in share price, as well as investors booking profits after the stock's 14-percent rise from the previous week.
Swiss newspaper SonntagsZeitung reported on Sunday that the bank expects to make a loss of about 8 billion francs (US$7.14 billion) in the fourth quarter.
Together with previous quarterly losses this would result in a full-year loss of 20 billion francs for 2008 ?? a record for a Swiss company ?? the newspaper said.
SonntagsZeitung did not give a source for its information and UBS spokeswoman Sabine Jaenecke declined to comment on the report or the expected quarterly results, which are to be announced on February 10.
UBS was among the European banks hardest-hit by the United States subprime mortgage crisis.
Last October the Swiss lender took advantage of a US$60-billion bailout offer from the Swiss government allowing it to dispose of poorly performing assets.
The Zurich-based lender is also seeking avenues of ending a United States Justice Department investigation into allegations it helped American customers evade taxes between 2002 and 2007.
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