Hit hard by the subprime mortgage crisis, UBS AG announced it will write down an additional $4 billion in bad investments and post a $4.03 billion loss for 2007, a record for the company and significantly more than the Swiss banking giant predicted in December, reports the Wall Street Journal. Analysts warn that more writedowns could be coming.
The company also said it would report a net loss of $11.4 billion in the fourth quarter, twice that expected by analysts. UBS, Europe’s largest bank and the world’s largest wealth manager, has written down $14 billion so far, and still held some $29 billion in subprime US mortgage debt in December. Final financial reports will be released February 14.