UBS to Cut 10,000 Jobs
The Zurich-based bank said the job cuts will come about as the company will be "exiting business lines, predominantly those in fixed income that have been rendered uneconomical by changes in regulation and market developments ..." UBS announced several changes, calling them "a significant acceleration in the implementation of its strategy to transform the firm and create the UBS of the future." The bank will be "concentrating on its traditional strengths in advisory, research, equities, FX and precious metals."
"Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect," said CEO Sergio P. Ermotti in a statement.
UBS was bailed out by the Swiss government after it lost $42 billion during the financial crisis.
The company also released its third-quarter earnings today, which showed a net loss of $2.4 billion compared to a second-quarter profit of $456 million.
The article UBS to Cut 10,000 Jobs originally appeared on Fool.com.Fool contributor Dan Radovsky has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.