ZURICH (Reuters) Feb 10 - UBS posted the biggest annual corporate loss in Swiss history and said it would cut a further 2,000 investment banking jobs as it looks to rebuild its damaged wealth management brand and overcome the credit crisis.
On Tuesday, it reported a bigger-than-expected 8.1 billion Swiss franc ($7 billion) net loss in the fourth quarter and an annual loss of 19.7 billion francs, the biggest ever by a Swiss company and above predictions for 18.7 billion francs.
The quarterly loss came on the back of a hefty 8.8 billion Swiss franc trading loss, as well as charges it made for selling billions in toxic assets to the Swiss National Bank when it was rescued by the state in October.
UBS aims to shrink its investment bank to 15,000, bringing the bank's total workforce to around 75,000 -- a size Rohner says would be appropriate for UBS -- by mid-2009 from 77,000 now.
On Tuesday, it reported a bigger-than-expected 8.1 billion Swiss franc ($7 billion) net loss in the fourth quarter and an annual loss of 19.7 billion francs, the biggest ever by a Swiss company and above predictions for 18.7 billion francs.
The quarterly loss came on the back of a hefty 8.8 billion Swiss franc trading loss, as well as charges it made for selling billions in toxic assets to the Swiss National Bank when it was rescued by the state in October.
UBS aims to shrink its investment bank to 15,000, bringing the bank's total workforce to around 75,000 -- a size Rohner says would be appropriate for UBS -- by mid-2009 from 77,000 now.
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