Skip to main content



) --


(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.

Scroll to Continue

TheStreet Recommends

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

>To contact the writer of this article, click here:

Joseph Woelfel

>To submit a news tip, send an email to: