UBS posts 3Q loss, cites subprime woes

UBS AG swung to third-quarter net loss on Tuesday, largely as a result of bad investments in U.S. subprime mortgages, and said the problems aren't over.

Switzerland's largest bank reiterated that it could be forced to make further writedowns during the fourth quarter because of its exposure to the U.S. housing and mortgage markets, but predicted it would return to profitability in the final three months of 2007.

UBS is the latest financial company to suffer as a result of the downturn in the U.S. housing market, following losses at Merrill Lynch & Co. and Citigroup. Deutsche Bank has also signaled that it will take a hit.

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- Posted: 2007-10-30 10:57:35

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