Released: October 27, 2012

UBS said to plan 10,000 job cuts as investment bank shrinks

Source: Bradley Keoun and Elena Logutenkova - The Washington Post

UBS AG, Switzerland’s largest bank, will cut as many as 10,000 jobs companywide as the trading business shrinks, a person with knowledge of the plan said. Many of the reductions will come in the trading businesses overseen by investment-bank co-head Carsten Kengeter and probably will occur over several quarters, said the person, who requested anonymity because the plans haven’t been made public. An announcement may come when UBS reports third-quarter earnings on Oct. 30, the person said.

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