Monday, September 15, 2008

UBS Falls 14%, Hit by Reports of New Writedowns

Rumors are swirling that UBS will have to take another $5 billion writedown.

"UBS took measures earlier this year and strengthened its capital position in order to be prepared to absorb further shocks to the market," a UBS spokesman said when asked about the impact of Lehman's failure.

UBS launched a rights issue in May worth $15.6 billion to help rebuild its capital base.

EPJ Newsdesk.

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