FACTBOX: Subprime crisis affects banks worldwide
(Reuters) - UBS AG, the world's largest wealth manager, unveiled $3.4 billion in losses, swept out senior managers and slashed jobs in one of the biggest casualties yet worldwide from the credit crunch.
Here is a list of some other banks affected by the turmoil:
February 8, 2007 - HSBC - Europe's biggest bank HSBC Holdings blames soured U.S. subprime loans for its first-ever profit warning in February this year. On September 21, it announced the closure of its U.S. subprime unit, Decision One Mortgage, and records an impairment charge of about $880 million.
April 2 - NEW CENTURY - U.S. subprime lender New Century Financial Corp. files for Chapter 11 bankruptcy protection in the biggest collapse of a mortgage lender in the U.S. housing downturn.
July - IKB & SACHSENLB - Two banks in Germany, IKB and state bank SachsenLB suffer exposure by investing in the U.S. subprime mortgage market. While the German banking industry bails out IKB, SachsenLB almost goes under due to the crisis and is quickly sold to state-backed Landesbank Baden-Wuerttemberga (LBBW).
August 9 - BNP PARIBAS - French bank BNP Paribas bars investors from redeeming cash in $2.2 billion worth of funds, telling the markets it is unable to calculate the value of the three funds due to turmoil in the subprime market.
August 9 - NIBC - Dutch merchant bank NIBC discloses 137 million euros ($188.6 million) of losses on U.S. asset-backed securities in the first half, and shelves plans for an initial public offering indefinitely.
September 13 - NORTHERN ROCK - British mortgage lender Northern Rock experiences a bank run due to its exposure to the U.S. subprime crisis. The Bank of England steps in to rescue it.
October 1 - UBS - Swiss bank UBS AG, the world's largest wealth manager, says it will write down 4 billion Swiss francs ($3.42 billion) due to credit woes and reorganize management. The write down, mostly from its fixed-income portfolio, will result in a third-quarter loss of 600-800 million Swiss francs, its first quarterly loss in nine years.
UBS said it would also shed 1,500 jobs in its investment bank -- a sharp reversal of its recent build-up.
