Swiss banking giant UBS AG is to cut as many as 10,000
employees, or some 15 percent of its staff, to drastically shrink its ailing
investment bank, according to a NY Post report
The news of the layoffs came as Switzerland's biggest bank
posted another big loss for the third quarter. It said Tuesday that the job
cuts are part of a strategy to shore up profits. As a result, UBS said it needs to reduce its
headcount to "around 54,000" by 2015, down from its current 64,000
employees in 57 countries.
Some 7,500 jobs are to be cut mainly in London and the
United States, where UBS has a prominent building and trading operations in
Stamford, Conn., near New York City. The other 2,500 cuts are to be in
Switzerland….
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