UBS Could Cut up to 5,000 Management Jobs

The Swiss banking giant plans to cut up to 5,000 senior and management jobs in the next few weeks, a report says.
Publish date:

Updated from 1:21 a.m. EDT

Swiss banking giant


(UBS) - Get Report

plans to cut up to 5,000 senior and management jobs in the next few weeks, says a report in Swiss weekly


Up to 2,500 management positions could be cut in UBS's wealth management division, which accounts for 50,000 of the bank's total staff of 77,000.

A UBS spokesman declined to comment to


about the report.

Last week, UBS revised its annual loss for 2008 upward by 1.19 billion Swiss francs because of legal settlements and writedowns.

The bank said a previously announced $780 million fine and restitution package agreed to with U.S. authorities to settle a massive tax evasion probe, together with writedowns on toxic assets, pushed its losses to 20.89 billion francs ($19.79 billion) last year. The bank's previously published full-year loss was 19.7 billion francs -- already a record for a Swiss company.

The bank also recently appointed ex-

Credit Suisse

(CS) - Get Report

chief Oswald Gruebel as its new CEO and proposed that former Swiss president Kaspar Villiger become the bank's chairman at its next shareholder meeting.

In February, when UBS first released its financial results for 2009, it said its investment bank would further slash its headcount to 15,000 by cutting 2,000 positions by the end of the year.

Meanwhile, the bank on Monday announced it will replace three members of its board, including billionaire Ernesto Bertarelli.

Nominated to join the board at the April 15 shareholders meeting are Michael Demare, finance chief of engineering company


; Axel Lehmann, group chief risk officer of

Zurich Financial Services

; and Ann Godbehere, who served as chief financial officer of

Northern Rock

under the initial phase of the British government's ownership of the mortgage lender.

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