ZURICH, Switzerland (AP) - Swiss bank UBS, hit hard by the U.S.
subprime crisis, reports a net loss of nearly 11 billion dollars.
It will slash 5,500 hundred jobs, or almost 7 percent of its
work force. The company plans to unload 15 billion dollars in
subprime and other mortgage-based securities from its portfolio.
Switzerland's largest bank said it will cut 2,600 jobs in its
investment banking arm - blamed for the majority of failures that
led to the record writedowns since last summer. So-called
redundancies at the investment bank will be concentrated in Britain
and the U.S.
A further 2,900 jobs will go in other parts of the business,
mostly through attrition, bringing the total number of posts cut by
mid-2009 to 5,500 overall. UBS has more than 83,800 employees
UBS has been struggling to regain investor confidence since
posting a series of heavy losses that prompted shareholders to
demand action to turn the business around.
To comment, the following rules must be followed:
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.