Swiss bank to cut 8,700 jobs

Hit by $1.7bn losses, UBS hopes workforce reduction will help bring costs under control.

    Oswald Gruebel, UBS chief executive, says the bank continues to 'face many uncertainties' [AFP]

    The latest round of cuts comes on top of 11,000 job cuts which were announced in October 2007.

    Oswald Gruebel, UBS chief executive, said the bank will take time to recover from the economic crisis.

    "You should not assume that this will bring about a marked improvement in our results as early as the next few quarters. Our outlook remains cautious and we face many uncertainties," he told the bank's annual general meeting.

    UBS has suffered billions of dollars of losses over the past two years and received a bailout from the Swiss government.

    World stocks fell on Wednesday as news of the job cuts raised concern among investors.

    The bank's shares also fell 8.7 per cent at opening, but gained ground at 0800 GMT, trading down 2.6 per cent.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Why some African Americans are moving to Africa

    Escaping systemic racism: Why I quit New York for Accra

    African-Americans are returning to the lands of their ancestors as life becomes precarious and dangerous in the USA.

    Why Jerusalem is not the capital of Israel

    Why Jerusalem is not the capital of Israel

    No country in the world recognises Jerusalem as Israel's capital.

    North Korea's nuclear weapons: Here is what we know

    North Korea's nuclear weapons