Tuesday, October 30, 2012
GENEVA — Swiss banking giant UBS AG is to cut as many as 10,000 employees, or some 15 percent of its staff, to drastically shrink its ailing investment bank.
The news of the layoffs came as Switzerland’s biggest bank posted another big loss for the third quarter. It said today that the job cuts are part of a strategy to shore up profits.
Some 7,500 jobs are to be cut mainly in London and the United States, where UBS has a prominent building and trading operations in Stamford, Conn. The other 2,500 cuts are to be in Switzerland.
The announcement of the job cuts came as the Zurich-based bank posted a loss of $2.31 billion in the third quarter, in contrast to last year’ equivalent net profit of $13.09 billion.