UBS Are we there yet?

UBS’s third profits warning in four months creates more questions than answers. The Swiss bank’s latest stab at gauging its credit crunch damage shows losses on US mortgage investments dragging the group SFr4.4bn ($4.0bn) into the red for 2007. That ends one guessing game for investors, who hadn’t even been able to agree whether UBS would report a loss. But it kicks off some others. One is over the extent of the losses. It’s no shock that UBS has cut the value of subprime mortgage investments b...