A new leader in the banking crisis

UBS AG, Switzerland's biggest bank signaled that it will cut its investment bank to a rump after lost bets in subprime mortgages landed the Swiss group with a $37 billion bill, making it the biggest casualty of the financial crisis.

The world's biggest banks and securities firms have announced $290 billion in asset writedowns and credit losses since the beginning of 2007, including reserves set aside for bad loans

now ring the bell . . . . who's next?