Updated from 2:05 a.m. EDTSwiss banking giant UBS ( UBS) estimates it will report a first-quarter loss of almost 2 billion Swiss francs ($1.75 billion) and will reduce headcount in 2010 to 67,500 from 76,200 at the end of March. In a statement Wednesday, UBS said the loss stems from a negative contribution of about 3.9 billion Swiss francs from losses on previously disclosed illiquid risk positions, credit loss expenses and certain valuation adjustments. The bank said it is planning cost savings by the end of 2010 of about 3.5 billion to 4 billion Swiss francs compared with 2008 levels. UBS also said it will exit "high-risk and unpromising businesses," and is currently conducting a review of its operations. The Swiss bank said it will close the first quarter with an overall outflow of net new money. The bank's wealth management & Swiss bank division recorded a net outflow of about 23 billion Swiss francs. That occurred mainly after the announcement of a settlement with U.S. authorities over their investigation into UBS's alleged assistance to wealthy Americans seeking to avoid paying U.S. taxes.