Swiss bank UBS to cut 8,000 jobs: Report
Swiss banking giant UBS on Monday declined comment on a report which claimed that the group, currently the worst-hit financial institution by the subprime home loan crisis, would cut 8,000 jobs.
By Agencies |
ZURICH: Swiss banking giant UBS on Monday declined comment on a report which claimed that the group, currently the worst-hit financial institution by the subprime home loan crisis, would cut 8,000 jobs.
The bank's spokesman told AFP he would not "comment on rumours" when asked if UBS would announce job cuts as reported by the newspaper Sonntag.
According to the report Sunday, which did not cite its sources, UBS will announce 3,000 job cuts at its investment bank unit when posting first quarter results on May 6, mainly in its West European and United States offices.
A second wave of 5,000 job cuts would then take place, mainly among administrative staff.
Without confirming or denying the figure, a spokesman told Sonntag: "We have already said that given the difficult market conditions we will ... not replace every person who leaves the bank, so in a year there would be less people working here than now."
The report also claimed that "UBS insiders are already speaking of another writedown of around 10 billion Swiss francs (9.7 billion dollars)".
UBS has written down over 37 billion dollars since the US subprime home loan crisis began and earlier warned that it will post a net loss of around 12 billion Swiss francs for the first quarter.
Last week, the country's second largest bank after UBS, Credit Suisse wrote down close to six billion Swiss francs and posted a net loss of 2.15 billion Swiss francs for the first quarter.
The bank's spokesman told AFP he would not "comment on rumours" when asked if UBS would announce job cuts as reported by the newspaper Sonntag.
According to the report Sunday, which did not cite its sources, UBS will announce 3,000 job cuts at its investment bank unit when posting first quarter results on May 6, mainly in its West European and United States offices.
A second wave of 5,000 job cuts would then take place, mainly among administrative staff.
Without confirming or denying the figure, a spokesman told Sonntag: "We have already said that given the difficult market conditions we will ... not replace every person who leaves the bank, so in a year there would be less people working here than now."
The report also claimed that "UBS insiders are already speaking of another writedown of around 10 billion Swiss francs (9.7 billion dollars)".
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UBS has written down over 37 billion dollars since the US subprime home loan crisis began and earlier warned that it will post a net loss of around 12 billion Swiss francs for the first quarter.
Last week, the country's second largest bank after UBS, Credit Suisse wrote down close to six billion Swiss francs and posted a net loss of 2.15 billion Swiss francs for the first quarter.
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