GENEVA, Feb. 10 (Chinese media) -- Switzerland's largest bank, UBS, on Tuesday reported a loss of 19.7 billion Swiss francs (about 17 billion U.S. dollars) for 2008, the highest ever annual loss by a Swiss company.
The Zurich-based bank said the loss was mainly caused by problems at its investment sector. It suffered a loss of 8.1 billion Swiss francs in the fourth quarter alone.
UBS also announced that it would cut another 2,000 jobs in the investment sector, mostly in New York and London.
It said it aimed at cutting investment sector staff to about 15,000 from 17,171 now.
"Financial market conditions remain fragile as company and household cash flows continue to deteriorate ... Our near-term outlook remains cautious," the bank said in a statement. (1 U.S. dollar = 1.1588 Swiss francs)
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