After a series of litigation, scandal and restructuring wave, Geneva, Switzerland (AP) - the biggest bank of Swiss bank (UBS AG) on Tuesday, issued a in the fourth quarter of 19 billion francs ($21 billion) worth of damage.
Bank, headquartered in Zurich, losses can be attributed to the provisions of the litigation, regulatory and similar items, and deduct restructuring costs and their credit losses net payment "." In contrast, ubs in the fourth quarter of 2011 net profit of 323 million Swiss francs, despite the dollar's $200 million rogue trading scandal.
UBS by 2012 annual loss more than 250 million francs, more than 2011 the profit for the year 410 billion francs.
The bank also announced on Tuesday said it is to buy back their bonds, trying to reduce its cost of capital of about 500 million francs.
Sergio Ermotti, he was appointed chief executive, in November's main trading scandal, said the bank still won a decisive progress in last carry out our strategy, began in 2013 strong position. "
"Our financial strength, our attractive and unique business combination and enviable global clients franchise bring us competitive advantage," he said in a statement on Tuesday. "This allows us to restore the confidence of the customers, and we carry out our strategy and meet the challenge of the past."
Ubs is the world's largest private wealth asset management is one of the list and a "global system importance bank"'s central Banks, the bank for international settlements, think to will not fail.
Ubs reputation and broader global banking tumbled, last year the industry investigation of alleged manipulation London interbank interest rates Banks benchmark for London interbank interbank rate. In December, UBS agreed to pay about $150 million fine international regulators. Admitted in the Japan branch fraud, UBS became the second bank, Britain's barclays bank, in order to solve the above speed soccer fraud scandal.
Ubs also saw its reputation scarred London judge become a of billions of dollars worth of trading scandal and sustained tax evasion probe. In September 2011, the bank announced that more than 20 billion dollars in damage, and accused a 32-year-old rogue traders Kweku hits the hut in the London office, for the history of Britain's biggest bank fraud. Britain's financial regulators fined UBS, said its internal control is not enough. Show the hut was sentenced to seven years in prison.
Ubs shares profit report immediately after a low, but finished up 0.06%, to 15.63 billion ($17.14), end in Zurich.



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