Skip to: Content
Skip to: Site Navigation
Skip to: Search

December 3, 2008 2:26:18 AM CST



UBS Cuts 5,500 Jobs, Sells Off $15B in Assets

Posted May 6, 08 5:52 AM CDT in Business 

(Newser) – UBS will cut 5,500 jobs, slightly fewer than expected, by the middle of 2009 as part of a major restructuring effort, the troubled Swiss bank said today in announcing an $11-billion first-quarter loss. Some 2,600 of the layoffs will be among investment bankers, mostly in London and New York. UBS will also sell off $15 billion in mortgage-backed securities to BlackRock and plans further sales of its mortgage holdings in the future.

Source Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon
UBS has announced it will cut 5,500 jobs and sell off $15 billion worth of mortgage-backed securities.   (AP Photo/Akira Suemori, File)
UBS has announced it will cut 5,500 jobs and sell off $15 billion worth of mortgage-backed securities.   (AP Photo)
Outgoing UBS AG chairman Marcel Ospel, front, looks on as Peter Kurer, background, passes by after being elected to succeed him as chairman in a vote during the bank's annual meeting in Basel. UBS has...   (AP Photo/Anja Niedringhaus)
Dark clouds over a logo of the Swiss Bank UBS in Zurich. UBS has announced it will cut 5,500 jobs and sell off $15 billion worth of mortgage-backed securities.   (AP Photo/Keystone, Alessandro Della Bella)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 3)



Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories


What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »