UBS reveals $10 billion subprime loss

UBS, a bank, said on Monday that it would write down $10 billion-worth of subprime losses, the second largest amount revealed so far. The bank also said it could make a loss for the financial year because of its subprime liabilities.

"UBS has revised key input parameters of the models that are used to estimate lifetime default and resulting losses for sub-prime mortgage pools," the bank said. "As a result of these revisions, UBS will write down its US sub-prime holdings by approximately a fur

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