You might remeber reading thatUBS had warned that 2008 would be a tough year.
Well today they said that their writedowns due to sub-prime have rocketed to £18.5bn, wow.
This has to be about the biggest write off by any bank since this whole credit crunch started.
Surpise surpise UBS also said that the chairman and former CEO Marcel Ospel would not be seeking re-appointment.
So this works out as almost $19bn of write offs on top of the $18.4bn it wrote off in 2007, as the value of its assets has plummeted.
They are now trying to raise 15bn Swiss francsby issuing new shares.
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