UBS in Revamp as Losses Rack Up (BBC)

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UBS has said it will reorganise itself into three units, after announcing another set of sub-prime losses.

The Swiss banking giant said the three units would be global wealth management and business banking, global asset management and the investment bank.

{xtypo_quote_left} "The positive sentiment seen at the end of first quarter 2008 that the credit crisis may be easing was short-lived, as trading conditions deteriorated significantly in the second half of May," the bank said. {/xtypo_quote_left}

The news came as UBS reported a loss of 358m Swiss francs ($329m; £173m) for the April to June period, despite hopes it might break even in the quarter.

The bank's sub-prime debt write-downs in the quarter totalled $5.1bn.

The second quarter loss was still much smaller than the 11.54bn Swiss francs it lost in the first quarter of the year.