Swiss bank UBS AG has reported a fourth-quarter loss of 8.1 billion Swiss francs ($6.9 billion).

The results exceed fears by analysts who had expected losses of 6.2 billion francs ($5.4 billion).

Switzerland's biggest bank says the results bring its full-year loss to 19.7 billion francs ($16.77 billion) for 2008.

UBS blamed the losses largely on bad decisions by its investment bank.

Net new money outflows from its wealth and asset management businesses reached 85.8 billion francs ($73.08 billion) during the three months to December.