Geneva - UBS, Switzerland's largest bank, announced restructuring plans on Tuesday after reporting losses of 8.1 billion Swiss francs (6.9 billion dollars) in the fourth quarter of 2008.
The bank's total 2008 losses amounted to more than 19.6 billion francs, going beyond the expectations of many analysts. The bank said it would cut an additional 2,000 jobs at its investment wing.
"UBS has had an encouraging start to the year," the bank reported in a statement, saying that it had positive net new money. "However, financial market conditions remain fragile as company and household cash flows continue to deteriorate."