UBS To Cut 3,500 Jobs In Bid To Save 2B Francs

GENEVA (AP) -- Swiss bank UBS AG said Tuesday it is cutting 3,500 jobs worldwide as part of an effort to save 2 billion Swiss francs ($2.5 billion) annually by the end of 2013.

The Zurich-based bank said the cuts would be achieved "through redundancies as well as natural attrition." UBS had announced plans for a headcount reduction last month, without specifying exact numbers, after acknowledging that it wouldn't achieve the target it set for itself in 2009 for a pretax profit of 15 billion francs a year by 2014.