AILING Swiss banking group UBS has announced plans to cut 8,700 jobs as it braced investors for first-quarter losses of almost two billion Swiss francs (£1.18bn).
The bank, which agreed a Swiss government bail-out last October, will cut staff levels from the current 76,200 in 50 countries to 67,500 in 2010.
UBS was heavily exposed to the complex mortgage-backed investments hit by the credit crunch and the latest losses reflect a further 3.9 billion Swiss franc (£2.3bn) writedown on its toxic assets.
The new cull comes just two months after UBS said it was cutting at least 2,000 more jobs, mostly from its troubled investment banking division.
Chief executive Oswald Grubel said: “We know where we have to set to work.
“It will be a long road back to success without any quick fixes.”
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