Thread: Top Swiss banks reportedly to reveal major losses

Switzerland's two largest banks are set to announce this week that they suffered combined losses last year of 29 billion Swiss francs ($25 billion), according to a Swiss news report Sunday.

UBS AG will reveal Tuesday an annual net loss of 21 billion Swiss francs and will announce 5000 to 8000 new job cuts, adding to 9,000 positions already eliminated, the German-language newspaper NZZ am Sonntag reported.

Rival bank Credit Suisse Group will announce its own loss of 8 billion Swiss francs, but no additional job cuts are expected, the report said.

http://www.marketwatch.com/news/story/UBS-Credit-Suisse-reportedly-lost/story.aspx?guid={05AA1854-1BF9-4FD3-AA23-7931BCF12E19}&dist=hplatest

This is will no doubt shake up consumer confidence.

That does not sound like good news at all. Only further proves that the world is headed for a major downturn in the economy. Arrgh Sad I guess what goes up must come down eventually..