Swiss bank UBS AG may have lost as much as $350 million due to technical glitches on the Nasdaq stock exchange the day Facebook went public.
Switzerland is bracing for a monumental change in a tradition of banking secrecy that has survived numerous crises over the last 75 years.
UBS AG doubled its writedowns from the subprime crisis, parted company with its chairperson and asked shareholders for more emergency capital on Tuesday in a second dramatic attempt to reverse its fortunes. The Swiss bank wrote down an additional $19-billion on United States real estate and related assets, causing a net loss of 12-billion Swiss francs.
UBS AG, the world's largest wealth manager, unveiled $3,4-billion in losses, has swept out senior managers and slashed jobs in one of the biggest casualties yet of the worldwide credit crunch. UBS said on Monday it will write down a net four billion Swiss francs ($3,42-billion) in its fixed-income portfolio and elsewhere.