Swiss Bank Cutting 5,500 Jobs

By: AP
By: AP

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
worldwide.
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.


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