Tuesday, July 26, 2011

UBS expected to cut jobs as it seeks to save $2.5bn...

Major job cuts are expected at Swiss bank UBS after it announced plans to reduce costs by as much as 2bn Swiss francs ($2.5bn; £1.2bn) over the next two to three years.

UBS made the announcement as it reported a big drop in quarterly profit, hit by weaker trading and the high value of the Swiss currency.

Its net profit for the three months to 30 June was 1.015bn Swiss francs, 49% lower than 2.005bn a year earlier.

The results were worse than expected. More...

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