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UBS Faces Write-Down Pain

Monday, 1 Oct 2007 | 6:05 AM ET

Europe's biggest bank, UBS, traded at the bottom of the SMI index on Monday, after it said that it would write down its mortgage-related assets by $3.4 billion. CNBC's Ross Westgate talks to Peter Thal Larsen, banking editor at the Financial Times, about why UBS is the first major bank to report a loss.