UBS and the Subprime Mortgage Crisis

            
 
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Case Details:

Case Code : FINC061
Case Length : 22 Pages
Period : 2001-2009
Pub. Date : 2010
Teaching Note :Not Available
Organization : UBS AG
Industry : Banking
Countries : Switzerland, US

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Introduction

For the fiscal year ending December 2008, Switzerland-based banking major, UBS AG (UBS), reported a net loss of CHF 21.3 billion . This was the biggest ever annual loss reported by a Swiss company. The bank attributed its dismal performance to the fixed income trading business under the Investment Banking Group, which had had significant exposure to the US subprime mortgage market. However for industry observers, the news of UBS posting huge losses did not come as a surprise, as the bank had been facing problems due to exposure to subprime mortgage assets since mid-2007. It had also posted a net loss of CHF 5.2 billion for the fiscal year ending December 2007 (Refer to Exhibit I for three-year income statement of UBS).

Finance | Case Study in Management, Operations, Strategies, Finance, Case Studies

Founded in December 1998 as a result of a merger between Union Bank of Switzerland and Swiss Bank Corporation, UBS was Europe's fourth largest bank. It was one of the several European banks which had got entangled in the US subprime mortgage crisis, and its total write-downs due to the exposure in the US subprime mortgage market was at around CHF 45 billion as of December 31, 20083 ...

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Finance | Case Study in Management, Operations, Strategies, Business Ethics, Case Studies


3] Globo Trends Wiki for Global Business -- Switzerland, www.globotrends.pbworks.com.


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