The trustee seeking to recover money for Bernard Madoff investors has sued UBS for $2bn (£1.3bn), accusing the Swiss bank of collaborating in the massive Ponzi scheme.

UBS reported a surprise loss in investment banking yesterday that overshadowed news that fresh money was finally flowing into the Swiss giant's core private bank.

UBS sought to brush its disastrous performance during the financial crisis under the carpet yesterday by admitting mistakes but ruling out any legal action against its former bosses.

Investors will be hoping for further clarity on the housing market when the builders Persimmon and Bovis Homes issue updates this week.

Switzerland's politicians have voted to hand over the account details of 4,450 Americans suspected of using the country's banking secrecy laws to evade US taxes.

The international deal that saved the Swiss bank UBS from investigation for aiding massive tax evasion in the US has been thrown into confusion after Switzerland's lower house of parliament rejected a plan to hand over thousands of customer details to American tax authorities.

UBS shareholders took the unprecedented step of refusing to exonerate former top executives for the risky investment bets that brought the bank to the verge of collapse during the credit crisis.

UBS sought to defuse criticism over management responsibility for the bank's troubles and bonuses by posting its highest pre-tax profit since the credit crisis began and a big slowdown in client withdrawals.

UK authorities are seeking the extradition of an eighth suspect at large abroad in an insider trading investigation by the Financial Services Authority.

Most of the rich people whose UBS bank accounts are to be handed over to US authorities are suspected of fraud rather than simple tax evasion, Swiss authorities revealed.

Investment banks Citi and UBS will be retained as advisers to the Government and London & Continental Railways (LCR), when the Channel Tunnel rail link is sold next year.

The Swiss bank UBS and the US government have settled their dispute over the disclosure of names of wealthy Americans suspected of tax evasion using UBS accounts.

The Swiss banking giant UBS has failed to emulate some of its biggest rivals at home and abroad as it posted a third consecutive quarterly loss, hit by exceptional charges.