Swiss bank set to announce record loss
12-01-2009
Switzerland's biggest bank is set to announce the biggest loss in the country's history, running into billions of dollars. A newspaper reported that UBS would record an overall loss in 2008 of 18 billion US dollars, when it reports results in February. UBS admitted in the autumn that the global financial crisis had hit it hard. UBS was heavily exposed to risky US subprime mortgage business and had to write down almost 47 billion dollars in share values.
