Just like the title says. Switzerland’s largest bank lost $12 billion in one quarter and is writing down just over one third of their entire $55 billion marketcap. Long-term investors, read it and weep. The loss was actually anticipated by ANALysts, so it’ll be interesting to see how much damage there will be to the stock.
I said it once and I’ll say it again, all these banks and brokers are nothing more than scummy peddlers. the sooner you stop believing a word they say and begin expecting the worst, the better off you’ll be. Rest assured, this is not the last mammoth scummy p eddler writedown…not by a long shot!
