Swiss Bank UBS Cuts 5,500 posts

[Stuart G]

Source: BBC.

http://news.bbc.co.uk/2/hi/business/7384906.stm
Swiss bank UBS cuts 5,500 posts

UBS has suffered more than any other bank from the US sub-prime turmoil
Swiss bank UBS, which has suffered huge losses as a result of the US sub-prime mortgage crisis and credit turmoil, is cutting up to 5,500 jobs.

The bank also unveiled losses for the first quarter of 2008 of 11.5bn Swiss francs ($11bn; £5.5bn).
UBS said it expected current "tough trading conditions" to remain, forcing the group to "actively" cut costs.
The job losses - 7% of the workforce - will go by mid-2009 through redundancy, redeployment or natural wastage.



Read more: http://news.bbc.co.uk/2/hi/business/7384906.stm

[antigop]

1. Did Phil Gramm lose his job? n/t

[customerserviceguy]

2. Maybe if they'd have stopped

running those really stupid ads, they'd have enough money to keep half of the positions terminated. And what, pray tell, is "natural wastage" of a workforce?