UBS Plans Job Cuts of 3,500
ZURICH (
) --
UBS
(UBS) - Get UBS Group AG Report
, the Swiss bank, plans to cut 3,500 jobs in an effort to eliminate expenses of 2 billion Swiss francs ($2.54 billion) a year by the end of 2013.
UBS, in a statement Tuesday, said it would record restructuring charges of about 550 million Swiss francs in connection with its plans; charges of about 450 million Swiss francs will be booked in the second half of 2011, the majority in the third quarter.
The bank said about 45% of the job cuts will come from its investment bank, with 35% from its wealth management and Swiss banking business. About 10% of the job reductions will come from its global asset management, and another 10% from Wealth Management Americas.
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The job cuts announced Tuesday were an update from last month when the bank said it would cut jobs but didn't specify a number.
UBS said in July
it wouldn't achieve the target it set for itself in 2009 of pretax profit of 15 billion francs a year by 2014.
-- Written by Joseph Woelfel
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