UBS to Book Record Yearly Loss: Report

Shares in UBS (UBS Quote) fell more than 5% Monday on newspaper reports the bank will announce record full-year losses next month and as investors cashed in on the stock's recent rise.

Shares in Switzerland's largest bank stood at just under 16 Swiss francs ($14.28) on the Zurich exchange shortly before noon local time.

Analysts at Zuercher Kantonalbank and private bank Vontobel said press reports over the weekend were the main reason for the drop, as well as investors booking profits after the share's 14% rise the previous week.

Swiss newspaper SonntagsZeitung reported Sunday that the bank expects to make a loss of 8 billion francs ($7.14 billion) in the fourth quarter. Together with previous quarterly losses this would result in a full-year loss of 20 billion francs for 2008 -- a record for a Swiss company -- the newspaper said. ...