Switzerland's largest bank UBS announced on Friday that it would cut 2,000 jobs at its investment banking unit which has been hit by the U.S. subprime loan crisis.
"The Investment Bank will reduce net headcount by an additional2,000, bringing staffing levels to approximately 17,000 by year-end, a reduction of around 6,000 since the peak in third quarter 2007," UBS said in a statement.
"Reductions will be predominantly targeted to businesses being exited or downsized in order to protect and sustain our core client franchises," the statement said.
The Zurich-based bank group has been forced to record massive losses and asset write-downs of more than 40 billion U.S. dollars over the past year, mainly due to the ongoing impact of the U.S. financial crisis.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article