www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

   

UBS writes off $19b, chairman goes

(Agencies)
Updated: 2008-04-01 23:15

ZURICH - UBS AG's chairman abruptly resigned Tuesday as the Swiss bank reported a first-quarter loss of $12.1 billion and said it would seek $15.1 billion in new capital.

Swiss bank UBS Chairman Marcel Ospel reacts as he attend the extraordinary general meeting of the bank in Basel February 27, 2008. [Agencies] 

UBS revealed more serious damage from exposure to the US subprime crisis and said it expects write-downs of approximately $19 billion.

As UBS Chairman Marcel Ospel stepped down, Deutsche Bank AG, Germany's largest bank, announced similar write-downs of about $4 billion.

It was the latest indication of how far the severe plunge in US housing prices and a credit crisis triggered by rising mortgage defaults has reached.

UBS write-downs have reached a staggering $40 billion in the past nine months, the largest reported by any bank to date.

Standard & Poor's cut the bank's credit rating one notch to AA-, citing "risk management lapses, earnings volatility and need for new capital."

UBS said that after it raises new capital, its Tier 1 capital ratio, a key indicator of a bank's ability to absorb losses, would be about 10.6 percent. That is well above minimum European requirements of 4 percent and bank shares rose 8.66 percent to 31.36 francs ($31.53).

Ospel said he was ultimately responsible for the bank's health as he stepped down.

"My willingness to stand for re-election for a further one-year term was based on my desire to lead UBS out of its current difficult situation," Ospel said. "We have worked very hard and have been able to address the firm's most pressing problems, thereby laying the foundation for the long-term success of the bank."

The bank said its move to raise capital through a rights issue that would be fully underwritten by four leading international banks and would enable it to remain "one of the world's strongest and best capitalized banks."

"In the first quarter, UBS substantially reduced its real estate related positions through both valuation adjustments and significant disposals," the bank said.

It said it would create a new unit to "hold certain currently illiquid US real estate assets."

"UBS is confident that these measures will deal effectively with the firm's real estate exposures and allow the bank to focus on strengthening its core operations," the statement said.

Chief Executive Marcel Rohner said, "We believe this capital increase and the creation of a vehicle to separate problem assets from the remainder of our businesses will allow us to return to sustainable value creation over time."

He said profits from most of the bank's businesses "remained acceptable in challenging conditions" during the first quarter.

"We have made further prompt writedowns and sales of our impaired US real estate-related positions," Rohner said. "We have reduced risk weighted assets and implemented measures to control costs and strengthen the structure of the firm."

   1 2   


Top World News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
主站蜘蛛池模板: 7777在线视频 | 国产午夜爽爽窝窝在线观看 | 国产萌白酱在线一区二区 | 黄影院| 91精品国产欧美一区二区 | 欧美精品a毛片免费观看 | 日韩亚洲欧美一区噜噜噜 | 欧美一级在线观看 | 午夜成年 | 久久久久在线观看 | 成年网站在线在免费播放 | 久久福利青草精品免费 | 久草视频中文 | 国产精品久久久久久免费播放 | 日韩在线观看中文字幕 | 国产成人精品午夜 | 国产一级真人毛爱做毛片 | 两性色午夜视频免费国产 | 免费人成在线观看播放国产 | 亚洲成综合| 精品国产一区二区三区成人 | 午夜爽爽 | 久久视频这里只精品3国产 久久视频这里只有精品 | 自拍偷拍欧美视频 | 美国毛片免费一级 | 亚洲视屏在线 | 亚洲视频黄| 九九这里只精品视在线99 | 亚洲精品久久久午夜伊人 | 草草国产成人免费视频 | 国产younv真实 | 国产在线综合一区二区三区 | 色视频在线观看视频 | 99久国产 | 欧美人交性视频在线香蕉 | 一级特一级特色生活片 | 国产毛片久久国产 | 一区二区三区四区视频 | 亚洲免费观看网站 | 日韩精品中文字幕在线 | 一级特黄特黄的大片免费 |