UBS sees outflows continuing

A year earlier, UBS turned a small quarterly profit, mainly due to tax credits, but still ended 2008 with the biggest annual loss in Swiss corporate history.

Shares in UBS have gained around 16 percent since the start of the year, while shares at Credit Suisse, now slightly larger than UBS by market value, have nearly doubled. The DJ Stoxx European banking index has gained nearly 50 percent this year.

(Additional reporting by Rupert Pretterklieber; Editing by Mike Nesbit)