UBS To Sell $15-Billion Subprime Mortgage Debt; To Cut 5,500 Jobs
UBS, the Swiss investment bank, seems to have been hit the hardest by the credit crunch. The bank has announced that it would sell $15 billion of subprime mortgage debt and cut 5,500 jobs in its investment banking business as part of a massive cleanup (see a Thomson report). The subprime crisis in the United States and the worldwide credit market turmoil that followed have taken a heavy toll on UBS. In a hope to reap bigger returns and compete with Wall Street rivals, the Zurich based bank - o
Moody’s President Clarkson Retires, Madelain Steps In (Update2) - Bloomberg
May 7 (Bloomberg) — Moody’s Investors Service President Brian Clarkson plans to leave after overseeing a boom in ratings of subprime-mortgage debt and collateralized debt obligations that contributed to $318 billion of losses at the world’s banks …