Swiss bank UBS to cut at least 5000 jobs.
Quoted from the guardian.co.uk
UBS, Europe’s biggest casualty of the credit crunch, is to axe 5,500 jobs, with 2,600 facing compulsory redundancy in its stricken investment bank.
Quoted from The Independent on the 18th of April 2008
Marcel Rohner, UBS’s chief executive, said yesterday that estimates of 3,000 to 4,000 further job cuts across its global investment bank were “very probably too high”, but refused to deny 900 jobs would go in London. He has promised to reveal details of total job reductions in early May.
UBS has been the worst-hit European bank by the credit crunch after its late charge into structured credit backfired. It has taken charges of $37bn (£18.6bn) and announced a SFr15bn (£7.5bn) rights issue. The turmoil has cost the jobs of Mr Rohner’s predecessor, Peter Wuffli, and Marcel Ospel, the bank’s chairman.
Job Losses: 5500
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