ZURICH, Switzerland - Swiss bank UBS AG will cut 2,000 jobs at its troubled investment banking unit, most of which will be lost in the U.S. and Britain, an official said.
Some cuts will also be made at offices in Switzerland and the Asia-Pacific region, UBS AG spokeswoman Sabine Woessner said.
The layoffs will bring staffing levels at the investment unit to about 17,000 by the end of the year, 6,000 fewer than at its peak in third quarter 2007, UBS said.
The investment banking unit has been blamed for engaging in risky ventures that forced UBS to record massive losses and writedowns totaling some 45 billion Swiss francs ($40 billion) over the past year.
Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators
Important Notices: By participating on this discussion
board, visitors agree to abide by the rules outlined on our Rules
page. Messages posted on the Democratic Underground Discussion Forums are the
opinions of the individuals who post them, and do not necessarily represent
the opinions of Democratic Underground, LLC.
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
