Lawsuits contribute to big loss in Q4 for Swiss bank UBS
GENEVA (AP) - Switzerland's biggest bank UBS posted Tuesday a 1.9 billion francs (S$2.6 billion) loss for the fourth quarter in the wake of a series of lawsuits, scandals and a wave of restructuring.
The Zurich-based bank attributed the loss mainly to "net charges for provisions for litigation, regulatory and similar matters as well as net restructuring charges and an own credit loss." In contrast, UBS made a net profit of 324 million francs in the fourth quarter of 2011 despite a US$2-billion rogue trading scandal.
UBS also ended 2012 with a loss of more than 2.2 billion francs, compared with a profit of 4.4 billion francs for 2011.
UBS is one of the world's largest managers of private wealth assets and is on the list of the 29 "global systemically important banks" that the Basel, Switzerland-based Bank for International Settlements, the central bank for central banks, considers too big to fail.