TSC Ratings provides exclusive stock, ETF and mutual fund ratings and commentary based on award-winning, proprietary tools. Its "safety first" approach to investing aims to reduce risk while seeking solid outperformance on a total return basis.Switzerland's banks use to be viewed like its watches: precise, meticulous and elegant. But in recent years, its biggest bank, UBS ( UBS), can't get out of its own way. UBS's investment banking unit bet heavily on credit securities and lost big. The company's stock has fallen 78% in the past two years, topping the 51% decline for Swiss rival Credit Suisse ( CS) . UBS isn't far behind the epic 92% drop at Citigroup. ( C) With three chief executives in as many years -- each looking more like a James Bond villain than the previous -- and its curious attempts to act like its less-refined American competitors, UBS strayed far from its Swiss roots. Even the bread and butter of the Swiss banking industry, private wealth management, has come back to bite UBS. Last year, the U.S. Justice Department accused the firm of helping Americans avoid taxes. Switzerland has long been a haven for rich foreigners looking to shield assets from taxes. In February, UBS agreed to pay $780 million in fines and offered the names of some clients. As soon as customers heard about the U.S. investigation, they started pulling money. Clients, some fearing possible incrimination, withdrew $58 billion in the fourth quarter. While these shady dealings are a black eye for the bank, they're less serious than the massive hit the bank has taken in the past two years from the investment bank's bad bet on credit assets. UBS invested heavily in CDOs (collateralized debt obligations), CMOs (collateralized mortgage obligations), CDSs (credit default swaps), and almost every other acronym that crashed in the past two years.