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UBS to cut investment bank jobs

BANKING giant UBS has pledged to cut 2,000 investment bank jobs by 2016.

The Swiss bank has slashed risky assets by almost half in a shift of focus back to the core business of managing the assets of the world's wealthy.

At an annual investor event, UBS set a new return-on-equity target of 12-17pc from a previous target of 15-20pc that it had already abandoned in July in the face of tough new capital rules and turbulent markets in recent months.

UBS said its investment bank staff would be cut to 16,000 in 2016 from 18,000 now after it said in August it would cut 3,500 jobs -- some 5pc of its workforce.