UBS To Cut 10,000 Jobs, Workers Irate [UPDATE]

UBS cuts 10,000 jobs
UBS cuts 10,000 jobs

GENEVA -- Swiss banking giant UBS AG is to cut as many as 10,000 employees, or some 15 percent of its staff, to drastically shrink its ailing investment bank.

The news of the layoffs came as Switzerland's biggest bank posted another big loss for the third quarter. It said Tuesday that the job cuts are part of a strategy to shore up profits.