UBS admits Sfr20.9bn loss
ZURICH - UBS recorded a bigger-than-expected net loss of Sfr20.9 billion ($18.03 billion) for 2008, driven by losses and writedowns on exposures to US real estate assets.
The firm attributed its poor performance to risk management failures and losses on its fixed-income trading business, which saw it exceed its expected figure of Sfr19.7 billion for the year.
"Our balance sheet was too large and the systems of risk control and risk management that should have limited our exposure failed. We
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