Updated from 4:17 a.m. EDT
Swiss banking giant
revised its loss for 2008 to 20.89 billion francs ($17.9 billion), wider than originally reported, because of costs to settle a U.S. tax investigation and writedowns.
In its annual report released Wednesday, the bank said the negative impact on its 2008 earnings from the costs was 1.19 billion francs.
UBS said a previously announced $780 million fine and restitution package agreed to with U.S. authorities to settle a massive tax evasion probe, together with writedowns on toxic assets, caused the loss in 2008 to widen. The bank's previously published full-year loss was 19.7 billion francs, a record for a Swiss company.
The bank's near-term outlook remains "extremely cautious," said Chairman Peter Kurer and CEO Oswald Gruebel.
Last week, UBS said Kurer won't stand for re-election and Kaspar Villiger has been nominated as Kurer's successor. In late February, Gruebel was appointed as CEO, succeeding Marcel Rohner who has resigned.
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