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Swiss banking giant UBS announced Tuesday a net loss of 2.5 billion Swiss francs (2 bn euros, $2.7 bn) as fines from the Libor rate-fixing scandal weighed on its results.
In the final quarter of last year UBS suffered a net loss of 1.8 billion francs as it booked provisions for the combined fines of 1.4 billion francs from regulators as well as restructuring costs.
The full-year net loss was higher than expectations, with analysts surveyed by the Swiss financial news agency AWP expecting on average UBS to turn in a loss of 2.2 million francs.
UBS had earned a net profit of 4.1 billion francs in 2011.