Switzerland's largest bank, UBS, has unveiled a dramatic restructuring plan after reporting a record second quarter loss of 221 million euros on Tuesday.
The bank was also forced to write-off another 3.5 billion euros in losses due to the world-wide sub-prime lending crisis. In response, UBS has announced plans to break up its business divisions into three autonomous units in order to make the Swiss trademark bank "more effective and agile in managing trends in the financial industry."
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