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. (Read more UBS stories.)

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