UBS Admits $10B Subprime Loss, Gets Rescue From Singapore
By Andrew Hurst – Reuters (10 Dec 2007)
ZURICH, Switzerland — UBS revealed a $10 billion writedown and an emergency injection of funds from Singapore and the Middle East, making it the biggest victim of the U.S. subprime crisis to date among major European banks.
Singapore is taking 9 percent of UBS in a deal that mirrors actions taken by U.S.-based Citigroup. Citi expects to write off between $8 billion and $11 billion and has secured funding from the Abu Dhabi Investment Authority.