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UBS to Cut 2,000 Jobs: Report

BERLIN -- A Swiss newspaper is reporting that UBS (UBS), the country's largest bank, is set to cut some 2,000 jobs in its IT department as part of a major cost-cutting drive.

A UBS AG spokesman on Sunday declined to comment on the report, but referred to an internal email to employees by chief executive Sergio Ermotti saying the bank is still examining all its divisions and therefore "no final decisions have been made."

Swiss newspaper Tages-Anzeiger, citing internal documents, reported the bank plans to lay off almost a quarter of its 8,200 staffers in the IT department. It says that is likely to be followed by wider cuts, possibly affecting a fifth of the company's global workforce of some 12,700 employees.

Earlier this week Swiss private bank Julius Baer said it plans to cut about 1,000 jobs.

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