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UBS Loss, Lay-offs and Capital Plan |
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Author: 123jump.com Staff
123jump.com
Last Update: 4:48 PM EDT May 07 2008
UBS, the largest Swiss bank first quarter earnings was negatively impacted by the continued deteriorating of U.S. mortgages and other loans. UBS will sell $15 billion of troubled loan portfolio to asset manager BlackRock. The bank expects to complete a 15 billion francs rights issue in June and announced a plan to eliminate 5,500 positions by mid-2009. |
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