UBS to axe 5,500 jobs in subprime wake

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Zurich, May 6: Swiss bank UBS AG said it would cut 5,500 of its workforce, or almost 7 percent, through layoffs and attrition in the wake of the subprime credit crisis as it reverses a rapid expansion into investment banking.

UBS said conditions in the financial Markets and the global Economy remained difficult and reported a first-quarter loss of 11.535 billion Swiss francs, slightly better than what it had already announced in April.