UBS to axe 5,500 jobs in subprime wake

Reuters
Posted: 2008-05-06 09:48:52+05:30 IST
Updated: May 06, 2008 at 0948 hrs IST

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'JPMorgan cuts 3,000 investment banking jobs'US news agency AP to cut more than 400 jobs US news agency AP to cut more than 400 jobs US news agency AP to cut more than 400 jobs

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.

The bank recorded net inflows in its two wealth management businesses of 5.6 billion Swiss francs, UBS said on Tuesday in a statement.

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UBS to axe 5,500 jobs in subprime wake

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