UBS: Facebook IPO Cost Us $350 Million

UBS AG said it took a loss of more than $350 million on the ill-fated Facebook Inc. initial public offering, wiping out nearly half of its second-quarter profit, and it accused Nasdaq OMX Group Inc. of a “gross mishandling” of the stock-market listing.

Switzerland’s largest bank by assets said it will begin legal proceedings to recoup all of its losses—another blow to its struggling investment bank and raised further questions about the unit’s future.

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