UBS shares fell by almost 11 per cent yesterday as the biggest European casualty of the credit crisis fell victim to renewed speculation about further writedowns and job cuts.
From the Financial Times:
UBS shares fell by almost 11 per cent yesterday as the biggest European casualty of the credit crisis fell victim to renewed speculation about further writedowns and job cuts.
The decline in the share price came amid weakness in bank stocks across Europe on worries about credit quality and government intervention. But UBS shares dropped by 10.82 per cent to SFr10.14 – more than double the 4.66 per cent fall in arch rival Credit Suisse – on concerns that the bank could announce further bad news as early as the start of the new quarter tomorrow.
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