UBS seems to have been quite transparent and has re-capitalized itself much earlier than its US counterparts. Today they are making profits despite the crisis. I think, given the dire situation it was in to begin with, UBS has handled this crisis very well. Even better than GS, one might argue…
UBS will cut 2000 jobs… what about that?
I think that’s better than being sold to the fed…
strangedays is that confirmed?
yes. UK’s Financial Times website confirms 2,000 is official. Supposed to come out of the 19,000 that work for the I-bank, with slightly less focus on Asia. Since first cuts focused disproportionately on the US, safe to say that it is not good for Europe.
hasn’t UBS taken more losses than any other bank / IB? their stock has dropped from $60 to $20? UBS has lost money for four consecutive quarters. they have handled themselves well by aggressively taking the losses early, but they certainly don’t deserve any pats on the back for their miserable performance.
Gecco Wrote: ------------------------------------------------------- > hasn’t UBS taken more losses than any other bank / > IB? their stock has dropped from $60 to $20? UBS > has lost money for four consecutive quarters. > they have handled themselves well by aggressively > taking the losses early, but they certainly don’t > deserve any pats on the back for their miserable > performance. +1 $43bn in write-downs does not warrant a pat on the back.
Correct but atleast they handled the losses well so they can stay afloat. Whereas banks like lehman just came crushing down all of a sudden!
I think the best UBS have done is to be relatively transparent for a European bank about their losses. And they have put in a reasonably credible reorganisation plan. Hopefully it works its way up from here.
A while ago I did a screen for which stock, out of 8000+ publicly traded, had the most cash. It was UBS with over $200 billion. I didn’t look any further the cash could be encumbered and restricted deposits, etc. My screen could’ve been bad, etc.