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Big banks reveal further losses
10 December, 2007
Both Lloyds TSB and UBS have admitted to further losses as a direct result of the credit crunch, despite insulatory measures.
Write-downs due to US-linked investments have cost Lloyds TSB £200 million in the current financial year, whilst UBS has lost another £4.9 billion on top of the £1.8 billion it warned about in October.
Lloyds had implemented a lower risk strategy to help mitigate against the impact of the non-conforming crisis across the pond, but this did not prove to protect it as much as hoped.
Lloyds does still expect profits to be in line with its 2007 forecasts, however UBS has said that it now looks to be on course for an overall loss during 2007.
This is on top of a cash injection to the tune of £4.8 billion from the Government of Singapore Investment Corporation and an investment from a Middle Eastern source.