Europe's Biggest Banks Forecast Huge Losses
Europe's biggest banks are revealing more damage from the risky assets they piled on when times were good. As those assets go sour, Germany's biggest bank, Deutsche Bank, says it expects to lose about $4 billion this quarter. The losses were much bigger for Switzerland's largest bank, UBS, which says it's losing $19 billion from bad real estate investments. That's on top of $18 billion in losses last year. The Swiss bank's CEO is stepping down, and the bank is now looking for outside investors for an emergency cash infusion.
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