Credit crisis strikes UBS, Citi, Credit Suisse
Business Law
[##_1L|1287098335.jpg|width="128" height="81" alt=""|_##]The credit crisis struck at the heart of the global financial industry on Monday as Swiss bank UBS AG said it faced a shock loss in the third quarter and Citigroup warned its profits had collapsed. UBS's chief domestic rival Credit Suisse Group also said its third quarter results would be "adversely impacted" by the credit market turmoil but said it would remain profitable in the third quarter.
The announcements are the latest from a lengthening queue of banks who have taken hits from a meltdown in U.S. subprime mortgages, which has set off a global liquidity crisis.
UBS said it would write down a net 4 billion Swiss francs ($3.4 billion) in its fixed-income portfolio and elsewhere, resulting in a third-quarter loss of 600 million to 800 million francs, its first quarterly loss in nine years.
UBS also said it would shed 1,500 jobs in its investment bank -- a sharp reversal of its recent buildup.
Citigroup, the world's largest bank by market value, said it was expecting a fall of about 60 percent in third-quarter net income.
Among the main culprits for the profit warning were $1.4 billion in pretax writedowns on funded and unfunded leveraged loan commitments.
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