Ubs to cut 3,500 jobs
UBS AG, Switzerland's financial heavyweight, announced on tuesday that it will cut 3,500 jobs worldwide as part of a saving scheme that will reduce the company's costs by $2.5 million annually by the end of 2013.
UBS AG will cut 5,500 jobs or almost 7% of its workforce as Europe's biggest subprime casualty reverses a rapid expansion into investment banking.