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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Swiss bank UBS says earnings 'at risk' AFP - Thursday, March 12 ZURICH (AFP) - - Troubled Swiss bank UBS issued a grim outlook Wednesday, saying that its earnings would be "at risk for some time to come" after it revised upwards its full-year loss for 2008 to 20.9 billion franc. ADVERTISEMENT The new figure -- equivalent to 14.2 billion euros or 17.9 billion dollars -- reflects a charge of 1.19 billion francs to settle a tax fraud case with the US government. UBS -- which initially disclosed a full-year loss of nearly 19.7 billion francs, the biggest in Swiss corporate history -- has been struggling to recover from billions of losses and writedowns incurred on the US subprime home loan crisis and the ensuing global financial fallout. Last month, it admitted to abetting tax fraud in the United States and paid 780 million dollars to settle the case. But the US government has since filed a lawsuit to force the firm to disclose the identities of as many as 52,000 US customers who allegedly evaded taxes. UBS acknowledged Wednesday in its annual report that worsening financial conditions, as well as what it called problems unique to UBS, had "adversely affected our results," particularly in its investment banking operations. It also issued an "extremely cautious" outlook for the near-term. "Even after substantial risk reduction, our balance sheet remains exposed to illiquid and volatile markets and our earnings will therefore remain at risk for some time to come," it said. The bank added that it would continue to cut its risks, overall balance sheet size and operating costs for this year. It revealed that clients are continuing to withdraw or sell down holdings, with net outflows in its wealth management and Swiss bank division, as well as global asset management division continuing. Outflow has been a major problem at UBS as confidence among clients waned amid the bank's problems. Its wealth management and Swiss bank division posted outflows of 101 billion francs for 2008 and its global wealth management and business banking divion even worst-hit, with outflows of 123 billion francs. In a bid to restore confidence, the bank undertook a management reshuffle. Its chief executive Marcel Rohner made way for former Credit Suisse chief executive Oswald Gruebel, while it last week appointed former finance minister Kaspar Villiger to replace chairman Peter Kurer. Zuercher Kantonalbank said that the outflows "could be disappointing" to investors. UBS stock opened down 3.27 percent to 9.47 francs. At 10:40 am (0940 GMT), it was trading down 0.41 percent at 9.75 francs, underperforming the overall index which was up 0.19 percent. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo The UBS logo is seen above two Swiss flags in Zurich, Switzerland. Troubled Swiss bank UBS issued a grim outlook Wednesday, saying that its earnings would be "at risk for some time to come" after it revised upwards its full-year loss for 2008 to 20.9 billion franc. Most Popular – Top Stories Viewed Chimp used planning skills to attack humans Madoff set to plead guilty, could face 150 yrs in jail World faces 'Great Recession': IMF chief Citi outlook sparks explosive Wall Street rally Sea levels to surge 'at least a metre' by century end View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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