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10,000 job cuts at UBS

BANKING giant UBS has announced it will make 10,000 job cuts as it reduces its investment bank arm.

The jobs will go over the next three years. The company has a branch, UBS International Life Limit, based in Ireland but it is not yet clear where the jobs would be lost.

The Zurich-based company said that it would now focus on its private bank and a smaller investment bank.