A signal from UBS: Banking crisis is not over

The world's largest money center banks were all caught up in the mortgage-backed securities net. They also all have some exposure to real estate, consumer, and commercial debt. That means that the results of one international bank are not likely to be entirely different from any other.

UBS (UBS) today said it would lay-off 8,700 people and take a $1.8 billion loss. That is some indication that the big U.S. banks are not out of the woods.