Swiss bank UBS AG posted a fourth-quarter loss on charges stemming from alleged manipulation of interest rates, but the Zurich-based bank's loss was less than expected, and it also reported a 6 percent increase in operating income for the three months.
The bank, Switzerland's largest, said on Tuesday that it lost 1.84 billion francs ($2.08 billion) in the last three months of 2012 compared compared with a profit of 323 million francs in year-earlier period. Wall Street analysts polled by Bloomberg News expected a loss of 2.16 billion francs.
The loss stemmed largely from a fine the bank paid to settle charges of participating in manipulating the London Interbank Offered Rate, or Libor, a global lending rate benchmark. The loss also reflected a charge for laying off about 10,000 employees.
The increase in third-quarter operating income reflects interest income and revenue from trading and fees.
UBS said it lost 2.51 billion francs last year compared with a profit of 4.14 billion francs in 2011.
Mike Obel assigns, edits and writes stories about business, markets, finance and economics. Before coming to International Business Times, he worked on the Finance Desk of...