UBS to axe 3,500 jobs
Swiss investment bank, UBS, has announced that it will be cutting 3,500 jobs worldwide as part of its latest cost reduction programme.
Approximately 45% of the job losses will come from its investment banking business, 35% from wealth management and Swiss bank, 10% from global asset management, and 10% from the group’s wealth management Americas division.
Last month, UBS reported pre-tax profits of CHF 1.7 billion for the second quarter of 2011 with the result down from the CHF 2.2 billion during the first three months of the year.
Rival Credit Suisse has also recently announced job cuts following poor results in the second quarter.
The group plans to axe 2,000 jobs, or approximately 4% of its global workforce, having been hit by weak trading activity and the strong Swiss franc.