Tel: 0845 458 2633
Billions lost in investments, bonds and securities
The Swiss bank UBS has confirmed that it will be cutting a further 8,700 people from its work force. The 11 per cent cut will affect staff on a global basis and will bring the total loss for the company to more than 18,000 in the past 2 years. The UK workforce was cut by 2,500 positions in the past two years and will not be hit by the latest job cuts.
The job cuts will affect those in wealth management and back office operations. Most of the losses will be contained in Switzerland and the US. UBS will be left with a workforce of 67,500 down by almost a fifth from its peak of 83,800 during 2008.
The bank hopes that by making these redundancies along with reductions in spending on their marketing, external consultants and sponsorship deals, they will save SwFr4 billion annually by the end of 2010.
The previous Credit Suisse chief executive who had been called out of retirement to run UBS in February said that the banking group was “in a precarious situation” and they will be expecting to take “a long road back” as the markets remained extremely unstable and they would be cutting their costs considerably to stabilise their situation.
The huge write down the bank had suffered, that triggered the further latest cuts, amounted to SwFr3.9 billion which were accumulated through losses in investments, bonds and other securities. This is on top of more than £33 billion of write downs the group has suffered since the beginning of the financial crisis.
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