Swiss newspapers expect the country’s top two banks, UBS and Credit Suisse to announce record losses for 2008 this week and predict UBS will unveil thousands of job cuts, reports Reuters. Losses at the biggest bank and world’s largest wealth manager, UBS, will range from SFr20bn to SFr21bn ($17-18bn) including, according to NZZ am Sonntag, a SFr9bn Q4 loss. In an unsourced report, the paper also forecast Credit Suisse’s annual loss will range from SFr5bn to SFr8bn, with NZZ forecasting a Q4 loss of SFr6bn. UBS announces its annual results Feb 10 and Credit Suisse on Feb 11.

This entry was posted by Gwen Robinson on Monday, February 9th, 2009 at 5:41 and is filed under Capital markets. Tagged with credit suisse, ubs. Edit this entry.