by Calculated Risk on 12/10/2007 01:56:00 AM

Form the WSJ: UBS Gains Two New Investors, Writes Down $10 Billion

UBS AG Monday said that two strategic foreign investors placed a total of 13 billion Swiss francs ($11.5 billion) ... as the Swiss bank announced a further $10 billion in write-downs on subprime holdings.

... Beyond the investments from these two parties, UBS plans to sell treasury shares and replace its 2007 cash dividend with a stock dividend.

Wow. $10 billion in losses, and cutting the dividend to zero (a stock dividend is worthless).