Swiss bank UBS has raised its full-year loss for 2008 to 20.9 billion francs (€14.2 billion), taking a charge of 1.19 billion francs for settling a tax fraud case with the US.
The bank last month said its full-year loss reached 19.7 billion francs, the biggest in Swiss corporate history.
Today it gave a cautious outlook for the year ahead, saying earnings would be under pressure 'for some time to come'. UBS has been struggling to recover from the US sub-prime home loan crisis and the subsequent financial fall-out.
Last month, it admitted to abetting tax fraud in the US and paid $780m to settle the case. But the US government has since filed a lawsuit to force the firm to disclose the identities of as many as 52,000 US customers who allegedly evaded taxes
