Swiss banking giant UBS has announced it is to axe 5,500 jobs as a result of the global credit squeeze. It is understood that 2,600 of the job cuts would be in its investment banking unit, which has a workforce of 19,000 people but which has been hit by a 40% contraction in global deal volume [...]
I think most of us saw this coming after their recent write down figure. Casualties of the squeeze, and although its never nice when someone looses their job, there will no doubt be plenty more in the near future.
5,500 jobs to go at UBS
