BUSINESS
03/28/2008 02:45 am ET | Updated May 25, 2011

UBS Warns Of More Bad News To Come

Swiss giant UBS said Tuesday its investment-banking arm probably won't return to profit in the fourth quarter after the division took around $3.6 billion of write-downs on its subprime mortgage exposure in the latest period.

The statement came as UBS detailed a third-quarter net loss of 830 million francs ($713 million), compared to a year-ago profit of 2.2 billion francs. The pretax operating loss was 726 million francs, in line with a warning it issued in early October and reiterated on Monday.

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