Happy Valentine’s Day From UBS

While I was sojourning in Mazatlan, UBS announced a fine Valentine’s present for shareholders by losing more than $11 Billion in the fourth quarter and announcing its first full-year net loss in a decade. There may be more bad news to come.

Switzerland’s No. 1 bank said it still holds $27.59 billion in securities linked to U.S. subprime residential mortgages, down from $38.77 billion in September.

UBS also disclosed further exposure of $11.4 billion in leveraged finance and $26.6 billion in alt-A mortgages.

Here’s the PS on that card:

UBS also said it got a Wells Notice last week from the Securities and Exchange Commission related to a municipal bond probe.

Isn’t this a lovely chart?

UBS (UBS) Wells Notice Mover Mike

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