UBS is set to cut around 5,000 jobs to save 1 billion Swiss francs ($1.20 billion) while rival Credit Suisse is planning to axe about 1,000 staff, Swiss newspapers reported on Thursday.
Citing an unnamed UBS insider, the Tages-Anzeiger daily said the precise details of the cost-cutting program still had to be agreed and approved by the board, but should be announced in conjunction with the bank's second-quarter results on July 26.
The newspaper had already reported on Tuesday that thousands of jobs were threatened at UBS and rival Credit Suisse, without giving precise figures.
Read more at http://www.huffingtonpost.com/2011/07/14/ubs-jobs-layoffs-costs-cuts_n_898028.html
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