The Zurich, Switzerland-based corporate parent of Wall Street firm UBS has warned that it likely will take several hundreds of millions of dollars in pretax losses and has senior management changes and severe staff cuts in the works, primarily due to U.S. subprime mortgage market woes.The firm estimated that its writedowns for the quarter ending Sept. 30 will total between 600 million Swiss francs (about $513 million) and 800 million Swiss francs (about $685 million). The reorganization, which centers on the investment bank unit, includes cost reductions estimated to cut staff by 1,500 by the end of the year. Senior management changes include group chief executive officer Marcel Rohner's assumption ("for the foreseeable future") of the position of investment bank chairman and chief executive Huw Jenkins.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28