UBS to cut more jobs

More British banking jobs were at risk today after UBS said it is to cut up to 10,000 roles worldwide in moves to shrink its investment banking arm.

More British banking jobs were at risk today after UBS said it is to cut up to 10,000 roles worldwide in moves to shrink its investment banking arm.

The Zurich-based bank plans to reduce its headcount from 64,000 to 54,000 by 2015, with some 75% of the losses made outside Switzerland.

UBS, which has around 6,500 staff in London, said the restructuring would deliver savings of £3.5bn by 2015.

The bank, which wants to shift focus away from investment banking operations, reported a 40% slide in pre-tax operating profits to £1.5bn in the six months to June 30.

 

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