Wednesday, April 15, 2009

European Banks - UBS the first to smell

This is not getting any play today as the market is trading only on technicals but goes wtih my theory in the previous post about European banks stinking up the joint. Much less wriggle room to get profits. Despite being down over 5% earlier, UBS is now down only fractionally.

From The Guardian

Swiss bank UBS today confirmed its staff's worst fears by cutting a further 8,700 jobs as it pointed to a near-2bnSwiss franc (£1.17bn) loss in the first quarter.


Executives held out the prospect of raising fresh capital on top of the Sfr42.5bn injected so far, including by the state.

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