UBS is to cut a significant number of jobs in part of a shakeup that will see its American principal finance unit closed. Having proposed 1,500 job cuts in October, almost all of which have been completed, news of further possible job cuts won’t do any favours to worker moral at Switzerland’s biggest bank .
The newly proposed shakeup and subsequent job cuts are examples of the ongoing consequences of the sub-prime effect. Having written off $14 billion in the second half of 2007, the bank made a loss of $712 billion in the third quarter, though with $29 billion in sub-prime holdings still owned by the bank, further turbulence could be ahead for the Swiss bank .
Further Job Cuts as UBS Bank Plans Revamp
Further Job Cuts as UBS Bank Plans Revamp
Wed, 23 Jan 2008
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