Switzerland's largest bank, UBS, has become the biggest casualty of the worldwide turmoil in the financial markets, reports the Wall Street Journal. The bank is expected to announced today that it has written off $3.4 billion in fixed income assets. UBS is projecting third quarter losses of at least $516 million.
The third quarter figures are due at the end of the month. The losses are far more serious than reported by other investment banks hit by the subprime mortgage crisis. UBS recently ousted its chief executive in the wake of hedge fund losses.