In the news:
Fannie Mae reported a loss of $2.51 billion, its third quarterly loss in a row. Analysts had expected the company to report a loss of $1.48 per share. Fannie mae will cut its dividend and raise $6 billion in new capital as it sees significant credit losses stretching into 2009.
UBS reported $10.9 billion first quarter loss after losing $17.3 billion at its investment-banking unit for the quarter. UBS said clients withdrew a net $12.2 billion from its asset-and wealth-management divisions. They plan to cut 5,500 jobs.
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