CLICK HERE TO READ THE FULL REPORT (pdf)
Swiss bank UBS recently issued a shareholder report detailing several large write downs related to losses from the subprime crisis. The bank recording more writedowns (nearly $40 billion) than any other bank. UBS’s longtime chairman, Marcel Ospel, was forced to resign in April over the losses.
UBS ultimately reported net losses of $18.7 billion in relation to US residential mortgage sector exposures for the year ended December 31, 2007.
This report sets out UBS’s key findings, including the principal causes of the Subprime Losses UBS identified in retrospect following an internal review of the various businesses incurring the Subprime Losses. While not addressing every detail that UBS discussed with Swiss regulators, the report provides (within the relevant Swiss data protection laws and business secrecy limitations) a comprehensive overview of the relevant developments that led to the Subprime Losses, as well as the relevant causes and contributing factors to those losses.