Banks caught by subprime crisis.

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Credit Suisse Group will cut about 150 jobs from its mortgage-backed securities unit as a result of market turmoil caused by the U.S. subprime mortgage crisis.

Meanwhile the country's biggest bank UBS also blamed the subprime crisis as it forecast losses of SFr 817 million in the third quarter and 1,500 jobs by year-end. It is the first pre-tax loss posted by UBS in nine years.

About 50,000 positions in the global mortgage industry have been cut so far this year.

Subprime mortgages are loans given to customers with poor credit. Banks and investors have shied away from originating and purchasing subprime mortgages...

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