UBS 'announces significant job cuts'

23 August 2011

UBS has announced it is to make significant job cuts across the globe as it begins to implement a considerable cost-savings programme.

The Swiss lender revealed 3,500 employees are to be let go, with around 45 per cent of the redundancies being made in its investment bank arm.

It comes after the institute recently claimed it is attempting to raise 2 billion Swiss Francs ($2.5 billion) in annual savings.

The bank - which has a heritage stretching back more than 150 years and is headquartered in Zurich and Basel - explained that 35 per cent of the job cuts will be in wealth management and Swiss bank, ten per cent from global asset management and ten per cent from wealth management Americas.

It stated the measures are designed to improve operating efficiency at the organisation, adding: "UBS will continue to be vigilant in managing its cost base, while remaining committed to investing in growth areas."

By Tony Aynsley

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