Switzerland's two largest banks are set to announce this week that they suffered combined losses last year of 29 billion Swiss francs ($25 billion), according to a Swiss news report Sunday. UBS AG will reveal Tuesday an annual net loss of 21 billion Swiss francs and will announce 5000 to 8000 new job cuts, adding to 9,000 positions already eliminated, the German-language newspaper NZZ am Sonntag reported. Rival bank Credit Suisse Group will announce its own loss of 8 billion Swiss francs, but no additional job cuts are expected, the report said. http://www.marketwatch.com/news/sto...54-1BF9-4FD3-AA23-7931BCF12E19}&dist=hplatest
Wake of Madoff. Geneva has been decimated thanks to Madoff. No, I'm not kidding. You'd be amazed how much deleveraging is happening in Switzerland just due to Madoff, alone.
this will even further push the market down, even further then it would of with the profit taking that was going to happen anyway.