BBC News- Swiss bank UBS has admitted that a lack of risk control and ambitious plans to grow revenue led to its huge losses when the global credit crunch struck.
The admissions come in a 50-page report to shareholders before its annual general meeting later this week.
UBS has so far made write-downs of $37bn (£18.5bn), dwarfing those made by any other leading bank.
The losses cost chief executive Marcel Ospel his job and the firm faces growing calls to be broken up.
UBS said the problems began in its hedge fund unit, Dillon Read Capital Management, and then spread to its fixed-income division.
