Swiss bank UBS announces moiré write downs after selling risky mortgages

The share price of the Swiss bank, UBS went down by 3.3 % after it announced the wite-downs and selling of risky mortgagees at huge discounts. The bank is believed to have sold its Alt-A investments to the Pimco, one of the prominent U.S. bond manager.

The bank also announced that it will be making massive write-down in the initial quarter of the year to reduce its risky assets that has created uncertainness over the share prices of the bank in the market.