Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Opinion / Online-views/  UBS to cut 2,000 jobs in investment bank
BackBack

UBS to cut 2,000 jobs in investment bank

UBS to cut 2,000 jobs in investment bank

Premium

Zurich: Switzerland’s biggest bank UBS on Friday said it would cut 2,000 more jobs as it revamps its investment bank which had been battered by the US subprime crisis.

The latest lay-offs would bring the staff levels in the investment bank unit to approximately 17,000 by the year-end, 6,000 less than the peak level in the third quarter of 2007, the bank said in a statement.

“Reductions will be predominantly targeted to businesses being exited or downsized in order to protect and sustain our core client franchises," it added.

UBS had been forced to write down over $42.5 billion worth of assets and post successive losses when the United States subprime mortgage market soured.

On Thursday, UBS said however that it has turned a corner, with its third quarter expected to yield small profits.

The Swiss bank said its investment unit would cease dealing in commodities as well as “substantially downsize" real estate and securitization trading.

Chairman and chief executive officer of UBS Investment Bank Jerker Johansson explained that the ongoing financial crisis “require us to recalibrate our business.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 03 Oct 2008, 11:28 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App