Unlike the criminal Bush regime, UBS believes in accountability. Don't forget that Pres. Fredo awarded the Medal of Freedom to Tommy Franks, Paul Bremer and George Tenet.
UBS Has Loss, to Cut Jobs, After Subprime Writedowns (Update3)
By Christian Baumgaertel and Christine Harper
Oct. 1 (Bloomberg) -- UBS AG, Europe's biggest bank, had a third-quarter loss and plans to cut 1,500 jobs after writing down the value of its mortgage-backed securities by about 4 billion Swiss francs ($3.4 billion).
Huw Jenkins, the head of the investment bank, and Chief Financial Officer Clive Standish are stepping down.
The writedowns are mostly on positions formerly held by Dillon Read Capital Management, the hedge-fund unit UBS shut in May after bonds backed by subprime mortgages soured. The board ousted Chief Executive Officer Peter Wuffli in July and replaced him with Marcel Rohner.
Monday, October 01, 2007
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