Report That Top Firm Looking At Posting Another Big Loss
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UBS shares are said to have fallen as much as 9% in early trading Monday. The company has made no comment on the Sonntag story, and says that it will release details of its second-quarter earnings in August as planned.
Reuters reports that BlackRock's Chief Investment Officer, Bob Doll, has said that he expects the credit crunch to last a lot longer than most. 'The credit crisis will be with us for a long time', he said Monday. 'The deleveraging of the financial system, which is the outgrowth of the credit crunch, will likely last a couple of more years - two, three, four'.
Bloomberg reports that, according to Robert Talbut, the Chief Investment Officer over at Royal London Asset Management, Royal Bank of Scotland (RBS) may find that its $23.5bn rights issue might not be sufficient for its capital needs, and the bank may need to go back to the well in some form. He said: 'I still think there is a risk they will need to raise capital. I'm not convinced that this is a high enough level going into a post-credit crunch world'. In the meantime, Reuters reports that RBS has confirmed that 95.1% of shareholders have subscribed to the rights issue.
Finally, the news agency also reports that, according to unnamed 'people with direct knowledge of the matter', Lehman Brothers ditched at least $120bn of holdings in the second-quarter, including $18bn in mortgage and LBO-related assets. UBS analyst Glenn Schorr said: 'They're doing all the right things, such as de-leveraging aggressively, but these are stressful times, and they don't always get the credit they deserve. Although Lehman is very different than Bear, there's one similarity, and that's what could undo all the positives - perceptions can become reality'.
