Despite a sluggish economy, a credit squeeze and slowing fundamentals, investors this year are plowing money into funds that invest in real estate investment trusts, reversing a long trend of outflows.

Two billion dollars was pulled out of UBS's wealth management division in the first quarter. It's difficult to say how much of the loss stemmed from the subprime crisis, but smaller banks in Switzerland have been picking up business from the troubled market leader.

Government data due out Thursday is expected to show that initial claims filed for unemployment benefits fell last week after surging in the prior period.

Nineteen Massachusetts local governments and public agencies will recover more than $35 million from Swiss bank UBS in a settlement over risky investments that turned sour instead of generating cash for municipal budgets.

UBS AG said Wednesday a senior manager was briefly detained in the United States as part of an investigation into whether the Swiss bank helped U.S. customers evade taxes.

UBS AG said Wednesday that a senior manager was briefly detained in the United States as part of an investigation into whether the Swiss bank helped U.S. customers evade taxes.

UBS AG said Wednesday a senior manager was briefly detained in the United States as part of an investigation into whether the Swiss bank helped U.S. customers evade taxes.

A senior UBS employee was briefly detained by U.S. authorities in April as part of an investigation into the bank's cross-border business, the Swiss bank said on Wednesday.

Swiss bank UBS, hard hit by the U.S. subprime crisis, reported a first-quarter loss of $10.97 billion and said Tuesday it will slash almost 7 percent of its work force.

Shares of investment banks fell Tuesday as UBS said it lost $11 billion during the first quarter and Merrill Lynch & Co. said the amount of risky assets it has on its books increased during the first quarter.

Wachovia Corp. shares fell in morning trading Tuesday on news of UBS's first-quarter loss and impending job cuts helped drag the market lower.

Shares of UBS AG fell Tuesday morning after the Swiss bank said it lost nearly $11 billion in the first quarter, partly because of the subprime crisis, yet an analyst kept his top rating.

Swiss bank UBS AG, hard hit by the U.S. subprime crisis, reported a net loss Tuesday of 11.5 billion Swiss francs (US$10.97 billion; euro7.1 billion) for the first quarter and announced 5,500 job cuts.

Swiss bank UBS will cut almost 7 percent of its workforce and said it has a preliminary deal with  BlackRock to sell a $15 billion portfolio of subprime mortgages.

UBS shares rose over 5 percent on Friday on hopes the ailing Swiss bank will unveil job cuts next week to reverse breakneck expansion into investment banking which made it Europe's worst subprime victim.