Axe threat to UBS bank 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.

By The Newsroom

Published 30th Oct 2012, 08:19 BST

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

UBS, which has around 6,500 staff in London, said the restructuring would deliver savings of 5.4 billion Swiss francs (£3.5bn) by 2015.

The bank, which wants to shift focus away from investment banking operations, reported a 40 per cent slide in pre-tax operating profits to 2.3 billion Swiss francs (£1.5bn) in the six months to June 30.

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