Further job cuts at UBS
by Kay Murchie
UBS recently announced plans to cut 1,500 jobs and it has now been revealed that is considering cutting a further 8,000 jobs.
UBS, which is Switzerland’s largest investment bank, is to meet in Berlin to discuss the future of its wealth management and business banking divisions. Last month, the bank announced its first ever quarterly loss of SwFr4.4 billion (£2.2 billion).
Earlier this month, chairman Marcel Ospel, said the bank was committed to keeping wealth management and business banking under one roof but it has since been unveiled that the bank may reduce assets a further $12 billion in sub-prime mortgage related assets, adding to the $13.7 billion write-downs already made.
A spokesperson for UBS said no statement had been made on job cuts at the bank but added that systematic cost management remains a crucial priority in all business groups and it is important to note that no decisions have yet been taken.
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