More Pain Ahead for UBS?

The article focuses on the prediction of further write-downs on mortgage securities from Switzerland-based bank UBS AG after its rival Lehman Brothers Holdings Inc. disclosed a decline in profit. It is said that the prediction comes as UBS is completing a 15.97 billion Swiss franc capital-raising by selling shares through rights issue. The shares of USB dropped by 3.2% or 80 Swiss cents to 23.82 francs. UBS is said to be one of the banks seeking funds from investors to increase their capital after mortgage losses.