AP - UBS AG, one of the hardest-hit banks in the subprime mortgage crisis, announced Tuesday that it is reorganizing into three distinct businesses after reporting a large quarterly loss and taking another $5.1 billion hit in writedowns.

AP - JPMorgan Chase & Co. shares tumbled nearly 10 percent Tuesday as the bank's disclosure about escalating losses in its mortgage portfolio set off new concerns about the health of the overall financial sector. An analyst's lowering of the bank's earnings estimates and price target contributed to the decline.

Reuters - Renewed credit concerns knocked down shares of the major U.S. banks on Tuesday, driving the Dow and S&P 500 lower, and offsetting a decline of $1 in the price of the barrel of U.S. crude oil.

Reuters - JPMorgan Chase & Co said it has racked up $1.5 billion of losses so far this quarter on mortgage-linked assets, reflecting deepening turmoil in credit markets.

Reuters - Countrywide Financial Corp, which was the largest U.S. mortgage lender before being acquired by Bank of America Corp , faces a Federal Trade Commission probe into whether its loan-servicing activities violated federal law.

AP - Wachovia Corp. said Monday it plans to cut 600 more jobs than it previously expected as it works to reduce expenses in the face of staggering losses tied to mortgage debt.

Reuters - JPMorgan Chase & Co incurred losses of about $1.5 billion for the quarter to date, as it continued to be hurt by wider credit spreads, lower levels of liquidity, as well as the disruption in the credit and mortgage markets, the U.S. investment bank said in a regulatory filing.

Reuters - Standard & Poor's on Monday slashed the preferred stock ratings of Fannie Mae and Freddie Mac , and said the U.S. mortgage funding giants presented a greater risk to the government.

Reuters - U.S. stocks soared on Friday rounding out their best week in more than three months, as oil plunged below $115 a barrel, easing inflation concerns and improving prospects for business and consumer spending.