The credit market crisis that started in the US strikes in Switzerland. One of the biggest Swiss banks, UBS AG, announces on Monday losses amounting to billion of dollars, informs the Wall Street Journal and Financial Times in their online editions.

Bank representatives announced that the loss amounts to about 600 million dollars only in the third quarter. The bank had already warned its investors what to expect in case the US credit market will continue to decline.

However, the bank’s spokesperson refused to confirm or comment on the issue, informs the Wall Street Journal.

According to cited sources, Executive Director of the global division operations, Huw Jenkins and General Director Peter Wuffli will be replaced.

The losses suffered by UBS AG could be the biggest ever registered by any bank on the credit market.