Skip to comments.UBS to Cut 10,000 Jobs, Streamline Investment Bank (Hope & Change at Obama-loving Swiss Bank...)
Posted on 10/30/2012 7:02:03 AM PDT by jimbo123
UBS (UBS) on Tuesday said it plans to cut 10,000 jobs over the next 2 ½ years as it looks to streamline its investment bank, reduce risk-weighted assets and shift its focus to more profit-driving businesses.
The move, which will reduce the companys global headcount by 15% to 54,000, will help secure about 3.4 billion francs, or about $3.6 billion, in annual savings, amounting to total savings of 5.4 billion Swiss Francs ($5.7 billion) by 2015.
The reductions will be focused on UBS investment bank as the Zurich-based company looks to scale down the size of the ailing arm by terminating excess management layers.
(Excerpt) Read more at foxbusiness.com ...
Robert Wolf, Obama Fundraiser and Adviser, Leaves UBS
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