Losses at Switzerland's Largest Bank: UBS

[pioneer]

UBS, Switzerland's largest bank, has reported a loss of 19.7bn Swiss francs ($16.8bn; £11.3bn) for 2008, due to write-downs at its investment unit.

The bank, which has been hit by bad debts that sparked the credit crunch, said it made a loss of 8.1bn Swiss francs between October and December.

UBS said it remained "cautious" about prospects and would cut a further 2,000 jobs at its investment arm.

The firm got a 6bn-Swiss franc bail-out from the Swiss government in October.

UBS was also told at the time that it could transfer up to $60bn of distressed assets to a fund supported by the Swiss central bank. - BBC