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Swiss bank UBS cuts 5,500 posts Swiss bank UBS cuts 5,500 posts
(10 minutes later)
Swiss bank UBS, which has suffered the biggest losses of any bank due to the US sub-prime mortgage crisis and credit turmoil, is cutting up to 5,500 jobs. Swiss bank UBS, which has suffered huge losses as a result of the US sub-prime mortgage crisis and credit turmoil, is cutting up to 5,500 jobs.
The bank also unveiled losses for the first quarter of 2008 of 11.5bn Swiss francs ($11bn:£5.5bn). The bank also unveiled losses for the first quarter of 2008 of 11.5bn Swiss francs ($11bn; £5.5bn).
UBS said it expected current "tough trading conditions" to remain, forcing the group to "actively" cut costs.UBS said it expected current "tough trading conditions" to remain, forcing the group to "actively" cut costs.
The job losses - 7% of the workforce - will go by mid-2009 mostly through redundancy and natural wastage. The job losses - 7% of the workforce - will go by mid-2009 through redundancy, redeployment or natural wastage.
UBS has so far posted write-downs of $37bn (£18.5bn), more than any other leading bank. The investment banking division will see 2,600 jobs lost, with most through redundancy, the company said.
UBS has so far reported write-downs of $37bn (£18.5bn), more than any other leading bank.
In a report to shareholders last month, the bank admitted its growth strategy had been too ambitious and lacked sufficient risk control.
That plan had led to a substantial exposure in its investment banking arm to much riskier assets, including investments linked to the US sub-prime market, whose value plummeted when the housing slowdown and credit crunch took hold.