Tuesday, October 2, 2007
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.