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| Swiss bank UBS to cut 2,000 jobs | Swiss bank UBS to cut 2,000 jobs |
| (about 1 hour later) | |
| Swiss bank UBS has said it will cut 2,000 investment banking jobs and will reorganise the unit after being hard hit by sub-prime losses. | Swiss bank UBS has said it will cut 2,000 investment banking jobs and will reorganise the unit after being hard hit by sub-prime losses. |
| The firm said due to an "uncertain" revenue outlook, the move would help it focus on its strengths and cut costs. | The firm said due to an "uncertain" revenue outlook, the move would help it focus on its strengths and cut costs. |
| A day earlier the bank said it expected a profit for the third quarter despite recent market volatility. | A day earlier the bank said it expected a profit for the third quarter despite recent market volatility. |
| The firm has been one of the European finance houses to be hardest hit by the problems in the US housing market. | |
| The Swiss banking giant has seen write-downs of more than $42.5bn (£23.9bn)following the sub-prime crisis. | The Swiss banking giant has seen write-downs of more than $42.5bn (£23.9bn)following the sub-prime crisis. |
| The 2,000 job cuts in investment banking, will bring staff to around 17,000 by the end of the year, representing a cut of some 6,000 "since the peak in third quarter 2007", a UBS statement said. | The 2,000 job cuts in investment banking, will bring staff to around 17,000 by the end of the year, representing a cut of some 6,000 "since the peak in third quarter 2007", a UBS statement said. |
| The move would enable the bank to cut costs to a "more sustainable level" as well as "position our core businesses for growth once fundamentals improve," said Jerker Johansson, chief executive of the firm's investment bank. | The move would enable the bank to cut costs to a "more sustainable level" as well as "position our core businesses for growth once fundamentals improve," said Jerker Johansson, chief executive of the firm's investment bank. |
| The changes include the decision that its investment unit would cease dealing in commodities except for precious metals. | The changes include the decision that its investment unit would cease dealing in commodities except for precious metals. |
| The reorganisation has stemmed from "the ongoing crisis in the financial markets and dramatically changed industry dynamics", it said. | The reorganisation has stemmed from "the ongoing crisis in the financial markets and dramatically changed industry dynamics", it said. |