UBS bank could be in for more pain

UBS bank could be in for more pain
Malaysia Sun
Tuesday 27th May, 2008

The UBS bank in Switzerland has indicated that it faces more losses from mortgage securities.

The Swiss firm is reportedly in need of US$15.6 billion to improve its balance sheet after making losses on non-U.S. residential and commercial real-estate securities last year and the first quarter of 2008.

UBS has said it was hurt by the economic and market conditions, as they were volatile and challenging into the second quarter.

The bank, which has huge mortgage outlays in Britain, has said the U.K. housing market is almost as overheated as in the US, and could lead to losses for its branches.