Triple Down! UBS Sees 600 Billion Of Losses For 'Financial Industy'

Posted by John Carney, Feb 29, 2008, 9:37am

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]

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Comments

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?

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