UBS cutting another 7,500 jobs
16-04-2009
Switzerland's biggest bank, UBS, says it will cut an additional 7,500 jobs after reporting a loss for the first quarter.
The bank will reduce its workforce to 67,500 in 2010, from a previous target of 75,000.
The bank said the job cuts, together with reductions in marketing and sponsorship, would help save as much as US$3.5-billion.
It reported a first quarter loss of almost US$1.75-billion.
