Losses at UBS bigger than feared at £13bn

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UBS today said losses last year were Swfr20.9 billion (£13 billion), Swfr1.2 billion higher than previously reported.

The latest figure takes into account an agreed $780 million (£569 million) fine in the US to avert criminal charges over tax fraud by the bank, the world's largest wealth manager.

The increase in losses also accounts for additional charges as a result of $7.8 billion of toxic investment assets.

The latest damage to UBS's reputation comes as its credibility is stretched to the limit after the ousting of its chairman and chief executive - both in their posts for just months.

The losses update came in the bank's annual report, which also spoke of a balance sheet that remains exposed to illiquid and volatile markets.

It added that the bank's ability to make a profit is at risk "for some time".