Swiss bank UBS is to shed 10,00 jobs worldwide over the next three years as it overhauls its investment banking operations.
The cuts, which amount to some 16 per cent of the bank’s current worldwide workforce of 64,000, are aimed at saving CHF3.4 billion per year.
UBS suffered losses of CHF39bn in the financial crisis and had to be bailed out by the Swiss authorities.
According to a statement released by the bank, the cuts are part of a programme that will see UBS concentrate on its “traditional strengths in advisory, research, equities, FX and precious metals” while “exiting business lines, predominantly those in fixed income that have been rendered uneconomical by changes in regulation and market developments”.
CEO Sergio P Ermotti (pictured) says: “"This decision has been a difficult one, particularly in a business such as ours that is all about its people. We will continue to deliver the very best of UBS to all our clients and, to support this, over the next three years, we will make investments totalling CHF 1.5 billion across all of our businesses. The Investment Bank will continue to be a significant global player in its core businesses, and we intend to forcefully compete to increase our market share in these areas of strength."