UBS to raise capital, warns of losses

Swiss bank UBS plans to raise almost 2.5 billion euros by selling new shares as it forecast a net loss for the second quarter.

UBS said its operating results are actually likely be better than for the first quarter and much of the expected quarterly loss relates to previously announced restructuring charges.

Last year UBS suffering the biggest annual loss in Swiss history because of massive write-downs on investments in risky US assets.

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tags: Banking, Financial Crisis