UBS: GUIDES Q1 NET LOSS CHF12B; PROPOSES CHF15B RIGHTS ISSUE; SEES $19B WRITEDOWN; CHAIRMAN STEPS DOWN
- Sees Q1 write downs of $19B on US real-estate and structured credit.
- Notes that sub prime exposure fell to $15B in Q1; Exposure to alt-A fell to $16B
- To create a separate unit to manage its US real estate positions
- Environment remains difficult
- Says that the number of new shares will not exceed 1.25B
- Earlier today the Financial Times reported UBS is poised to reveal further write downs of up to $18B and seek a capital increase of about $13.1B.
*** Note that this is a Q1 pre-announcement; The company is due to report Q1 results on May 5th.
1 Comments
April 1st, 2008 at 6:38 am
Aaaaahhh, UBS writes of additional $19B and the stock goes up?? WTF????