Money | UBS UBS Shocks With Record $17B Loss Swiss banking giant posts worst loss in nation's history By Jason Farago Posted Feb 10, 2009 6:38 AM CST Copied Some 3,500 people demonstrate for stricter rules concerning the financial rescue plan for Swiss Bank UBS during a rally in Zurich, Switzerland, on Saturday, Nov. 15, 2008. (AP Photo/Steffen Schmidt, Keystone) UBS today announced an annual loss of $17 billion—the biggest ever by a Swiss company—despite a government bailout and a surprise tax benefit in the fourth quarter. The loss was higher than expected, but the once-mighty corporation reiterated that it would not sell off its investment banking arm, the company's most troubled sector. UBS has faced intense political pressure in Switzerland and has said it will slash bonus payouts by 85%. Read These Next RFK Jr. suggests antidepressants to blame after shooting. Details trickle out on 2 more victims of the Minneapolis shooting. The Air Force has changed its tune on Ashli Babbitt. Isolated tribe members show up in an unexpected place. Report an error