News Journal

UBS AG makes a record loss in the year

The financial year 2007 was unpredictable and a year full of loses for many banks and companies that were having business in sub prime mortgage and one of the worst hit company by the U.S. sub prime mortgage crisis has been the European bank UBS AG.

The bank made a record loss throughout the year that is expected to be at about 4.4 billion Swiss francs. In December the bank had written down assets to generate revenues of $10 billion and till Wednesday the losses were $14 billion. The fourth quarter of the year will also be having losses and the final report will be submitted by the company in February’s second week.