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    Swiss bank UBS reports $2.8B loss

    8:51 AM, Feb 5, 2013   |    comments
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    UNDATED (CNN) -- Swiss banking giant UBS says it's capping bonuses to staff after a massive fourth quarter loss and rocky year.

    The bank posted a loss of about $2 billion for the fourth quarter.

    UBS said it would cap top bonuses at $1.1 million, half the previous cap.

    The bank is still trying to recover from more than a billion dollars in fines related to a rate-rigging scandal.

    It also took a hit from costs associated with job cuts.

    In October, UBS announced plans to lay off 10,000 workers.

     

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