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UBS 'to cut further 4,500'.

International Resource News-8 December 2008-UBS 'to cut further 4,500'(C)2008 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 08 December 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Swiss banking UBS AG (NYSE: UBS) (ZHR: UBSN) (UBSN.VX), the world's largest wealth manager in terms of assets, is likely cut up to 4,500 more jobs in the near future, The Scotsman has reported.

Citing the local media newspapers, the report said that UBS could slash another 3,000 to 4,500 positions. It has already announced around 9,000 job cuts, mostly in investment banking, to make total headcount less than 80,000.

'We do not comment on speculations regarding further headcount reductions,' the report said citing an UBS spokeswoman.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:International Resource News (IRN)
Date:Dec 8, 2008
Words:149
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