Big loss, but UBS claims progress in reshaping IB

UBS's investment bank bore the brunt of the restructuring of the bank that was announced in late 2012, with the firm reporting a Sfr557m loss for the division in the fourth quarter today. The result was better, however, than the Sfr2.86bn loss seen in the third quarter, when the restructuring had been initiated and when the bulk of associated write-downs and charges were booked.