UBS suffers $4.3bn FICC losses in Q2
The figure down on the Sfr1.47 billion in FICC revenues made in Q2 2007, according to UBS’s report issued last Tuesday (August 12).
The Swiss dealer primarily attributed the devastating loss to further credit valuation adjustments on protection it bought from monoline insurers. The bank also suffered from US residential real estate market exposures and from exposures to the US reference-linked note programme.
“It is now quite clear that the world’s financial industry has experienced an event so
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