UBS to cut 3,500 jobs as earnings hit
UBS, Switzerland's biggest bank, will eliminate about 3,500 jobs, or 5.3pc of its workforce, as stricter capital requirements and a slowdown in client trading reduces earnings.
About 45pc of the reductions will come from the investment bank, 35pc from the wealth management and Swiss bank division and 10pc each from the asset management and wealth management Americas units, the Zurich-based bank said in a statement yesterday.
UBS employed 65,707 people at the end of June.
CEO Oswald Gruebel aims to reduce annual costs by CHF2bn (€1.8bn) by the end of 2013 after scrapping the bank's profit target amid what he called a "weakening economic outlook."
The 50 largest banks around the world announced almost 60,000 job reductions through the first week of August, the fastest rate since 2008.
Credit Suisse Group AG last month said it will cut about 2,000 jobs, or 4pc of staff. (Bloomberg)