Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Weiner strikes again

Read more

THE DEBATE

Colombia's Path to Peace: Can historic deal with FARC rebels work? (part 1)

Read more

THE DEBATE

Colombia's Path to Peace: Can historic deal with FARC rebels work? (part 2)

Read more

FOCUS

The rise of political tourism in the Middle East

Read more

ENCORE!

Music show: Video Music Awards, Rock en Seine and Puppa Lek Sen

Read more

YOU ARE HERE

The Gulf of Porto, a paradise of land and sea

Read more

IN THE PAPERS

Quarterback takes a stand by sitting down

Read more

FRANCE IN FOCUS

The hidden secrets of Les Invalides

Read more

IN THE PAPERS

Anger over restaurant's decision to deny service to Muslim women

Read more

Business

UBS revises full-year loss to 20.9 billion francs

Latest update : 2009-03-11

After the Swiss bank announced last month that its full-year loss had reached nearly 19.7 billion francs, UBS has now revised upwards its full-year loss for 2008 to 20.9 billion francs (14.2 billion euros, 17.9 billion dollars).

AFP - Swiss bank UBS revised upwards its full-year loss for 2008 to 20.9 billion francs (14.2 billion euros, 17.9 billion dollars) on Wednesday, taking a charge of 1.19 billion francs for settling a tax fraud case with the United States.

The bank -- which last month said its full-year loss reached 19.697 billion francs, the biggest in Swiss corporate history -- also gave a cautious outlook for the year ahead, saying earnings would be under pressure "for some time to come".

UBS has been struggling to recover from the US subprime home loan crisis and the ensuing financial fallout.

Last month, it admitted to abetting tax fraud in the United States and paid 780 million dollars to settle the case.

But the US government has since filed a lawsuit to force the firm to disclose the identities of as many as 52,000 US customers who allegedly evaded taxes.

UBS acknowledged Wednesday that worsening financial conditions, as well as what it described as problems unique to UBS, have "adversely affected our results," particularly in its investment banking operations.

"Even after substantial risk reduction, our balance sheet remains exposed to illiquid and volatile markets and our earnings will therefore remain at risk for some time to come," it said.

It gave an "extremely cautious" outlook for the near-term.

"For 2009, we will continue to implement our programme to strengthen our financial position by reducing our risk positions, our overall balance sheet size, and our operating costs," it said.
 

Date created : 2009-03-11

COMMENT(S)