May 6 (Bloomberg) -- UBS AG, the European bank with the highest losses from the U.S. subprime crisis, said it will cut as many as 12 percent of jobs at the securities unit after an 11.5 billion-franc ($10.9 billion) first-quarter loss.
UBS will eliminate as many as 2,600 jobs at the division by the end of the year, the Zurich-based bank said in a statement today. Headcount at the company overall will fall by 5,500 by mid-2009. The quarterly loss, which follows writedowns of $19 billion, is in line with the bank's estimate on April 1 and compares with a 3.03 billion-franc profit a year earlier.
No hay comentarios.:
Publicar un comentario