Heralded as a "neat" package by The New York Times, the UBS structure guaranteed clarity for UBS investors by making an outright sale.[151] UBS announced in February 2009 that it had lost nearly CHF 20 billion (US$17.2 billion) in 2008, the biggest single-year loss of any company in Swiss history.[152] Since the beginning of the financial crisis in 2007, UBS has written down more than US$50 billion from subprime mortgage investments and cut more than 11,000 jobs.[153][154] By the spring of 2009, UBS announced another management restructuring and initiated a plan to return to profitability.