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

Swiss bank prepares to lay off over 2,000 investment bankers
By Jason Farago,  Newser Staff
Posted May 6, 2008 5:52 AM CDT
UBS has announced it will cut 5,500 jobs and sell off $15 billion worth of mortgage-backed securities.   (AP Photo/Akira Suemori, File)
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(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.