UBS has warned of third-quarter losses after credit market-related write downs, according to reports in the Financial Times.
The Swiss bank’s shares are down by nearly 17 percent this year following selling in central banks and growing concerns that investments in sub-prime mortgages would affect profit.
The losses have mainly occurred in its fixed income portfolio, and quarterly losses are the first in nine years, and are expected to be between $514 million and $685 million.
However UBS are not the only investment bank to come out worse off. Its main rival, Credit Suisse, fell by one percent, despite saying that profits were due.
Last week Deutsche Bank was down a further two percent and Societe Generale was down 1.8 percent.