Switzerland’s largest bank, UBS, has reported a 1Q loss of $10.97 billion and has announced that it will slash its workforce by almost 7%. This form the AP news wire:
The 11.5 billion Swiss franc loss compares with a net profit of 3 billion francs in the same period last year. The company also said it would unload $15 billion in subprime and other mortgage-based securities from its portfolio.
UBS shares dropped 4.9% on the news.
Mike Burnick in the Offshore A-Letter doubts that the ultimate bottom of this bear market has yet been reached.
“If the buck can stage a more convincing reversal of fortune at this point, I would expect commodities to correct further, while global stocks (particularly emerging markets) should continue to get a boost.”
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