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."

It noted government action to shore up markets, and said its "near-term outlook remains cautious."

The Swiss National Bank bailed out UBS last year, buying up many of its toxic assets.

UBS attributed most of its 2008 losses to its investment bank and announced restructuring plans, including the setting up of two new divisions, the Wealth Management & Swiss Bank and Wealth Management Americas. The bank said the new divisions would help refocus its "core business."

The investment wing would continue to aim to "de-risk and de leverage" itself over 2009, the statement said, while UBS as a whole would focus on its business in Switzerland and its global wealth management. (dpa)