UBS, which in 2008 reported the biggest ever Swiss corporate loss, said Wednesday that its US legal settlement and new writedowns had added more than Sfr1bn (€680m) to the published figure and that it expects earnings to be at risk for some time.

It said its 2008 net loss was now Sfr1.19bn wider than first stated. After the restatement, due mainly to its $780m settlement with the US Department of Justice and the Securities and Exchange Commission, the bank said it now had a net loss of Sfr20.89bn in the year ending December 31, compared with a loss of Sfr5.25bn in 2007.