USB plan to cut 10,000 jobs
29 October 2012
UBS reportedly plans to announce up to 10,000 job cuts worldwide, according to the Financial Times and Reuters news agency.
The Swiss bank are reportedly planned to reduce its investment banking and separate its debt trading business into a unit that will be cut down over time.
The firm currently employs more than 60,000 people worldwide with 6,500 working in the UK.
London is the main centre for the trading and sales activities of its investment banking operations.
UBS lost a total of 39 billion francs (£26bn) during the 2007-09 financial crisis and lost a further 2bn francs last year due to a rogue trader.
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