Dec 7, 2008
UBS losses add up to 13,500
Switzerlands UBS, the worlds largest wealth manager in terms of assets, could cut up to 4,500 more jobs in the near future, local media reported on Sunday.
Newspaper SonntagsZeitung reported it was possible UBS could cut another 4,500 jobs in the next few weeks, without naming a source.
A second Swiss newspaper, Sonntag, reported 3,000 to 4,000 positions at UBS could be slashed, also without naming its source.
UBS is struggling to rebuild its once powerful brand after massive investments in risky U.S. assets forced it to make more writedowns than any other European bank and take government backing.
It has already announced about 9,000 job cuts, mostly in investment banking, to bring total headcount to under 80,000
via UBS could cut up to 4,500 more jobs | Reuters .
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