Credit crunch misery deepens for UBS

Photograph: Fabrice Coffrini/AFPUBS has underlined its status as one of the biggest losers in the credit crunch by announcing £5.1bn of fresh writedowns and its fourth quarterly loss in a row.The Swiss bank said this morning that it made a net loss of 358m Swiss francs (£173m) in the second quarter of this year. The [...] continue reading world news