So far, only 160 billion of losses have been disclosed. UBS sez it's going to get a lot worse.
UBS sees financial crisis leading to industry wide losses of 600 bln usd investment research warned that the financial crisis is far from over with more losses and a stronger impact on the real economy ahead.'Our global banks team estimates that total industry losses in this financial crisis should reach north of 600 bln usd of which listed banks and brokers should account for 'only' 350 bln usd,' the bank writes.
UBS sees financial crisis leading to industry wide losses of 600 bln usd [CNNMoney.com]
Posted by guest , Feb 29, 2008 10:24AM
Maybe they think everyone else on the street plays finance like they do
Posted by guest , Feb 29, 2008 10:39AM
smells a little deflationary to me.
Posted by guest , Feb 29, 2008 10:46AM
But don't those companies hire only "the best and the brightest"??
Holy cow!
Regards,
The Forehead Slapper
Posted by guest , Feb 29, 2008 1:44PM
They must know it better than others.
Posted by guest , Mar 02, 2008 8:01AM
They tell employees everything is good. Profits are up on the wealth management side so don't worry about losses on the investment bank side. While sipping the Kool-Aid, people are wondering when the ax will fall.
Posted by guest , Mar 03, 2008 11:02AM
Stronger impact on "the 'real' economy" ahead? Not sure I understand. Isn't the financial sector a 'real' part of the economy?