WestLB Shows Q3 Loss, Expects More
WestLB blamed disruptions in the capital markets for a third quarter “negative impact” of €355 million ($519.46 million), which contributed to a pre-tax group loss of €116 million ($169.74 million). The company also said that it expects a pre-tax loss in the “low three-figure million range” in the current quarter due to further market deterioration in October and November. “The increased volatility in the global financial markets led to further losses, in particular from structured securities,” the company said in a statement. WestLB also said that the U.S. subprime mortgage crisis has spread to market segments with limited links to the U.S. real estate sector.
06 Dec 2007