A gloomy 2009 for Swiss banks UBS and Credit Suisse?

The global financial crisis has continued to trouble Switzerland's biggest banks, UBS and Credit Suisse, with both posting massive full year losses this week.

Observers were sceptical about claims from both banks that they could recover in 2009, especially UBS's intention to post a profit one year after losing a record amount of money for a Swiss company.

UBS put in the worst performance last year, reporting nearly SFr20 billion ($17.3 billion) in losses after generating billions from a new share issue, foreign sources and receiving a substantial bail-out package from the Swiss National Bank. More...

See also:

1. Swiss angry at UBS bonus pay-out for bank employees...
2. The U.S. and the dark side of the UBS...
3. UBS yet another Madoff victim?
4. Swiss furious at the UBS. Can you blame them?