BUSINESS

UBS, Credit Suisse To Announce Record Losses

03/11/2009 05:12 am ET | Updated May 25, 2011

Swiss newspapers expect the country's top two banks, UBS AG (UBSN.VX) and Credit Suisse Group AG (CSGN.VX) to announce record losses for 2008 this week and predict UBS will unveil thousands of job cuts.

Losses at the biggest bank and world's largest wealth manager, UBS, will range from 20 billion to 21 billion Swiss francs ($17-18 billion), including, according to NZZ am Sonntag, a 9 billion franc loss in the fourth quarter.

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