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Updated from 12:45 a.m. EDT
UBS (UBS Quote), Switzerland's largest bank, on Tuesday reported a first-quarter net loss of 11.5 billion Swiss francs, driven by a $19.5 billion writedown tied to U.S. real estate and structured credit.
The first-quarter loss of 5.59 Swiss francs per share compares to a loss of 12.9 billion Swiss francs, or 6.45 Swiss francs per share, in the fourth quarter and a profit of 3.2 billion Swiss francs, or 1.5 billion Swiss francs, in the first quarter of 2007.
The bank had warned of the losses last month, and the woes of its U.S. investment banking division have been evident for at least a year, leading to the departures of former CEO Peter Wuffli and Chairman Marcel Ospel. ...
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