Updated from 4:17 a.m. EDT

Swiss banking giant UBS ( UBS) 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.

Copyright 2008 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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