Lawsuits contribute to big UBS loss in fourth quarter

Lawsuits contribute to big UBS loss in fourth quarter


 

Switzerland‘s biggest bank on 5 February reported a 1.9 billion Swiss Franks loss for the fourth quarter in the wake of a series of lawsuits, scandals and a wave of restructuring, RTE Ireland reported.

UBS, based in Zurich, 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 323 million Franks in the fourt...


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