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UBS to shed further banking posts | |
(40 minutes later) | |
Swiss bank UBS is to reduce its number of investment bankers by another 425, bringing the total to 2,000 losing their jobs over the next five years. | |
It said investment bank staff would be cut from 18,000 to 16,000 by 2016. | It said investment bank staff would be cut from 18,000 to 16,000 by 2016. |
The firm will return to its core business of wealth management, and seek to reduce its risky assets by half, or 145bn Swiss francs ($158bn; £100bn). | |
In August UBS said it would cut 3,500 jobs, of which 1,575 were investment banking posts. | |
The bank is looking to save 2bn Swiss francs annually. | |
"We have chosen to substantially reduce the risk profile of the bank by exiting and downsizing businesses which are not value added to our client franchise or deliver unattractive risk-adjusted returns," newly-appointed chief executive Sergio Ermotti said in a statement. | "We have chosen to substantially reduce the risk profile of the bank by exiting and downsizing businesses which are not value added to our client franchise or deliver unattractive risk-adjusted returns," newly-appointed chief executive Sergio Ermotti said in a statement. |
He had taken charge on an interim basis after Oswald Gruebel quit in September over the bank's $2bn trading scandal, and had his post made permanent on Tuesday. | He had taken charge on an interim basis after Oswald Gruebel quit in September over the bank's $2bn trading scandal, and had his post made permanent on Tuesday. |
In September, London-based UBS trader Kweku Adoboli was arrested and charged with fraud and false accounting. | In September, London-based UBS trader Kweku Adoboli was arrested and charged with fraud and false accounting. |
The board also said ex-Bundesbank president Axel Weber will succeed Kaspar Villiger as board chairman from May 2012, a year earlier than planned. | The board also said ex-Bundesbank president Axel Weber will succeed Kaspar Villiger as board chairman from May 2012, a year earlier than planned. |
A bank spokesman said investment bank staff would be cut from 18,000 now to 16,500 by the end of 2013 and 16,000 by the end of 2016. | A bank spokesman said investment bank staff would be cut from 18,000 now to 16,500 by the end of 2013 and 16,000 by the end of 2016. |