UBS has released its results for the first quarter 2009 confirming it lost CHF 1.98b, in line with estimates given to shareholders last month.
UBS is one of the major players in retail and commercial banking in Switzerland and employs more than 75,000 people around the world.
The poor result came in spite of stronger markets that helped Credit Suisse and Deutsche Bank achieve surprisingly robust earnings in the period.
UBS's core Swiss and international wealth management businesses are to bear the brunt of an estimated 10,000 job losses to help the Swiss group save CHF 4b a year by the end of 2010.