UBS to Eliminate 3,500 Jobs

[marmar]

from the NY Times:



UBS, the embattled Swiss bank, said on Tuesday that it would cut 3,500 jobs over the next two and a half years to reduce its costs.

About half of the job cuts will be in the investment banking division, which has continued to be one of the worst-performing units of the bank. The rest of the cuts are to come from the wealth management and asset management businesses.

The cost-cutting measures would incur one-time charges of about 550 million Swiss francs ($698 million), and most of it would be booked in the second half of this year, UBS said.

The measures were “designed to improve operating efficiency,” UBS, Switzerland’s biggest bank, said in a statement. “UBS will continue to be vigilant in managing its cost base while remaining committed to investing in growth areas.” ........(more)

The complete piece is at: http://dealbook.nytimes.com/2011/08/23/ubs-to-slash-3500-jobs/?hp