UBS suffers $2.7bn loss on Libor fines

Zurich - Swiss banking giant UBS announced on Tuesday a net loss of 2.5 billion Swiss francs 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.