UBS cuts 10,000 jobs worldwide

Swiss bank UBS has announced it is cutting 10,000 jobs worldwide as it slims down its investment banking activities.

The jobs will go over the next three years, and amount to 16% of its current workforce of 64,000.The cuts are aimed at saving 3.4bn Swiss francs.

UBS chief executive Sergio Ermotti said: "This decision has been a difficult one, particularly in a business such as ours that is all about its people.
"Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect."

In a joint letter to shareholders, chairman Axel Weber and chief excecutive Mr Ermotti said: "We will no longer operate to any significant extent in businesses where risk-adjusted returns cannot meet their cost of capital."

UBS will axe up to 3,000 jobs in its London offices.The move to halve the Swiss bank's workforce in London is part of a global cull of up to 10,000 jobs.





About UBS

UBS AG  is a Swiss Gobal Financial Services Company headquartered in Basel and Zurich, Switzerland providing Investment Banking,Asset Management and Wealth Management Services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland.

The name "UBS" was originally an abbreviation for the Union Bank of Switzerland