The Swiss banking giant, UBS, reported today that they will be taking a loss in third quarter of this year for $3.4 billion because of its exposure to the sub prime crisis. It will be the first loss in 9 years. The $3.4 billion loss is larger than we’ve seen so far from banks in the United States. There’s still $19 billion of retail mortgage backed securities remaining at UBS.
As a reaction to these losses, UBS announced massive restructuring and job cuts. You can get the full story at CBS Marketwatch.