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Swiss banking group UBS has written down $2.6 billion of its fixed-income portfolio as a result of the recent turmoil on the global financial markets. The losses are the worst since the U.S. subprime mortgage crisis started. The announcement triggered a management shakeup at the banking group. Citigroup also expects to write-down about $1.4 billion on funded and unfunded highly leveraged finance commitments. It will record a loss of roughly $1.3 billion on the value of sub-prime mortgage-backed securities and a loss of about $600 million in fixed income credit trading due to significant market volatility pushing third quarter earnings down approximately 60% from a year ago.