Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, October 2, 2007

Big Banks Report 3d Quarter Losses

The big banks are posting their losses as expected:  Citigroup will write off $5.9 billion in the 3d quarter and report a 60% drop in profits from last year.  There is talk that it's time for CEO Charles Prince to go.  UBS has written off $3.4 billion in the value of its mortgage-backed securities and will also report a 3d quarter loss.  NYTimes, Write-Downs by Big Banks Spark Rally; WSJ, A Vote of Confidence For CEO Charles Prince In 'Year of No Excuses';WSJ, For UBS and Citi, It's Crunch Time.

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