What happened to UBS (bank)?

Question

Well, anyone could explain to me the kind of trouble that UBS (the financial services company) has gone through recently? There was something about a scandal...also wikipedia shows negative operating and net income for 2008. Why is this?

Answer 1

UBS has had some financial problems. It announced that it made a net loss of CHF 4,384 million (CHF of course meaning Swiss Franc) on for the year ended December 2007. Furthermore, UBS also announced that it was to cut 5,550 jobs by the middle of next year and to add more fuel to the fire, went after an array of lawsuits including one that costed around $19 billion against NY attorney generals office over auction rate securities. Their stock price is currently selling pretty low too: http://community.investopedia.com/q.aspx...