The sub-prime quagmire: what in the world is happening to the big Swiss banks? At UBS and Credit Suisse, the past few months have been marked by red faces, huge writedowns and job losses. Swiss News takes a closer look.

Swiss News › Nbr. 2008, April 2008

Author: Mirza, Faryal

Position:: BUSINESS

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BUSINESS

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The sub-prime quagmire: what in the world is happening to the big Swiss banks? At UBS and Credit Suisse, the past few months have been marked by red faces, huge writedowns and job losses. Swiss News takes a closer look.

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Switzerland's two largest banks, UBS and Credit Suisse, have both suffered heavily from the fallout of the sub-prime mortgage crisis in the United States. UBS came away with more than burnt fingers; it wrote off more than SFr 38 billion, announced thousands of job cuts worldwide and secured two injections of new investment capital.

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