At the beginning of 2007, UBS became the first Wall Street firm to announce a heavy loss in the subprime mortgage sector as the subprime mortgage crisis began to develop.[133] In May 2007, UBS announced the closure of its Dillon Read Capital Management (DRCM) division.[134] Although in 2006, DCRM had generated a profit for the bank of US$720 million, after UBS took over DRCM's positions in May 2007, losses grew from the US$124 million recorded by DRCM, ultimately to "16% of the US$19 billion in losses UBS recorded."