UBS Has Something To Get Off Its Chest

I don't know about you but I feel like it's been forever since we've heard from our favorite Swiss bank (no offense to Credit Suisse, but you're going to have to get up a lot earlier to perpetrate enough fraud to worm your way into our heart). So this feels good:

UBS is set to announce the biggest corporate loss in the country's history, running into billions of dollars, a newspaper reported Sunday. The German language newspaper Sonntag reported UBS would record an overall loss in 2008 of CHF20 billion ($18 billion) -- despite showing a profit of CHF296 million in the third quarter -- when it reports results on Feb. 10. Sonntag reported the bank racked up CHF8 billion in losses in the final quarter of 2008, bringing the total for the year to CHF20 billion UBS admitted in the fall, when it announced third-quarter results, that it had been hit hard by the global financial crisis and warned it could lose up to CHF5 billion in the final quarter.

UBS To Report Record Loss For 2008 [Dow Jones]