UBS ups 2008 net loss to $18 billion

UBS said earnings would remain at risk due to its exposure to illiquid and choppy markets, as it revised up its 2008 net loss, the biggest in Swiss corporate history, to include a large U.S. tax fine and extra writedowns.

UBS also said that net new money remained positive in its wealth management Americas division, but this was being partially offset by outflows in wealth management elsewhere and in its Swiss bank.

UBS, which is struggling to rebuild its reputation after being hit hard in the credit crisis, said in its full-year report that its 2008 net loss had risen to 20.9 billion Swiss francs ($18.06 billion) from the previously reported 19.7 billion francs, and predicted tough times ahead.

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- Posted: 2009-03-11 08:02:32

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