UBS axes 2,000 jobs investment banking jobs

Reuters
Posted: 2008-10-03 10:47:35+05:30 IST
Updated: Oct 03, 2008 at 1047 hrs IST

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UBS AG will reorganise its troubled investment bank, closing its commodities business and cutting a further 2,000 jobs, the Swiss bank said on Friday.

UBS will aim to maintain the strengths of its equities business in cash distribution, derivatives and prime services and seek further efficiency gains.

It will also continue to provide investment bank clients with strategic advice and access to the capital markets, UBS said.

"While the revenue outlook is uncertain, these measures will allow us to focus on our strengths, reduce the cost base to a more sustainable level and position our core businesses for growth once fundamentals improve," said Jerker Johansson, chairman and chief executive of UBS's investment bank.

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UBS axes 2,000 jobs investment banking jobs

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