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UBS to Lay Off 8,000, Add $11.4B to Writedowns

Swiss bank likely to announce cutbacks with earnings

By Jim O'Neill, Newser User

Posted May 5, 2008 6:25 AM CDT

(Newser) – Swiss banking giant UBS will lay off some 10% of its 83,000 workforce and scale back its investment banking arm in an attempt to reassure shareholders that it's taking actions to curtail losses associated with the subprime debacle, reports Bloomberg. Switzerland's largest bank says... Read full story »

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UBS to Lay Off 8,000, Add $11.4B to Writedowns

Swiss bank likely to announce cutbacks with earnings

layoffs • shareholders • UBS • banking • writedowns • subprime crisis

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