PARIS - The troubled Swiss banking giant UBS warned yesterday it was "extremely cautious" about the outlook for the year as it disclosed a 2008 loss that was about $1 billion more than it originally reported....
In its 2008 annual report yesterday, the company, based in Zurich, reported an annual net loss of $18.1 billion, the largest in Swiss history. The bank has been seeking to regain its footing after it had to turn to the Swiss government for a bailout, rocked by more than $50 billion of scorched investments by its investment banking unit in real estate and other credit positions.
The firm's 2008 loss was $1.04 billion more than it had reported on Feb. 10, as it wrote down more soured assets and swallowed a $780 million fine for helping wealthy Americans avoid paying taxes....
Amazing how QUIET that story has been kept, huh?
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Also see: Whatever Happens in Switzerland Stays in Switzerland
