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

    Interactive: Take a tour through divided Jerusalem

    Interactive: Take a tour through divided Jerusalem

    Take a tour through East and West Jerusalem to see the difference in quality of life for Israelis and Palestinians.

    Stories from the sex trade

    Stories from the sex trade

    Dutch sex workers, pimps and johns share their stories.

    Inside the world of India's booming fertility industry

    Inside the world of India's booming fertility industry

    As the stigma associated with being childless persists, some elderly women in India risk it all to become mothers.