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UBS posts record loss, cuts 2,000 jobs


GENEVA: Switzerland’s biggest bank UBS on Tuesday said it lost about $17 billion (13 billion euros) in 2008, the largest full-year loss in Swiss corporate history, as it announced that it would cut another 2,000 jobs. Full year loss in 2008 reached 19.697 billion Swiss francs, with 8.1 billion francs worth of losses incurred during the last three months of the year.

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