UBS reports Q4 losses

UBS has reported a 2008 Q4 loss of £4.7bn with its Global Asset Management business suffering net out...

UBS has reported a 2008 Q4 loss of £4.7bn with its Global Asset Management business suffering net outflows of £16bn. The company's Global Wealth Management & Business Banking also saw outflows of £33.8bn for the quarter. For the full-year 2008 UBS incurred a net loss of £11.4bn which compares with a 2007 net loss of £3bn. In an accompanying statement UBS attributed the increased losses to negative revenues in the fixed income, currencies and commodities area of its investment bank. However the company reported a 22% decrease in its operating costs, with personnel expenses reducing 36%...