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UBS suffers $2.7 bn 2012 net loss on Libor-fixing fines

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(Globalpost/GlobalPost)

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.

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http://www.globalpost.com/dispatch/news/afp/130205/ubs-suffers-27-bn-2012-net-loss-libor-fixing-fines