UBS Slashing 10K Jobs
Swiss bank ditching riskier businesses
By Rob Quinn, Newser Staff
Posted Oct 30, 2012 3:21 AM CDT
UBS is cutting 10,000 jobs from its global workforce of 64,000.   (AP Photo/Keystone, Alessandro Della Bella, File)

(Newser) – Swiss banking giant UBS is slimming down, and sacking nearly a sixth of its staff in the process. The bank has announced plans to lay off 10,000 people worldwide over the next three years as it retreats from investment banking to focus on private banking, the BBC reports. The bank is backing away from the risky trading that has cost it billions of dollars over the last few years, including more than $2 billion lost by alleged rogue trader Kweku Adoboli, who is currently on trial for fraud and false accounting.

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Showing 3 of 3 comments
user99
Oct 31, 2012 1:25 AM CDT
Excellent, the world needs less bankers
Bulls-Eye
Oct 30, 2012 8:17 AM CDT
When I started my career in international finance, UBS was a powerhouse. I spent a lot of time with them and did a lot of business with them. How far they have fallen.
proclean
Oct 30, 2012 7:35 AM CDT
good..& i hope 1 of them is my xwife...