Writedowns Top $500 Billion; UBS; Applied Materials
Today, subprime losses topped $500 billion on writedows; capital raised to date $353 billion.
For a full list of the offenders and amounts, see here.
UBS, #1 Swiss Bank, reported its 4th straight quarterly loss -$329 million and is separating its business divisions into three independent units.
Rich clients withdrew $16 billion more than they added in the quarter. Pretax profit -11% as the investment bank had $5.1 billion in writedowns.
Applied Materials #1 computer chip equipment maker, suffering along with the chip industry from a glut of manufacturing capacity;
posted a lower quarterly profit as revenue slid 28% and net income fell 65%.
For a full list of the offenders and amounts, see here.
UBS, #1 Swiss Bank, reported its 4th straight quarterly loss -$329 million and is separating its business divisions into three independent units.
Rich clients withdrew $16 billion more than they added in the quarter. Pretax profit -11% as the investment bank had $5.1 billion in writedowns.
Applied Materials #1 computer chip equipment maker, suffering along with the chip industry from a glut of manufacturing capacity;
posted a lower quarterly profit as revenue slid 28% and net income fell 65%.
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