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| Version 2 | Version 3 |
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| UBS to shed further banking posts | UBS to shed further banking posts |
| (about 3 hours 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. | 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). | 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. | 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. | 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. |
| In passing reference, Mr Ermotti said that nothing was more important than the reputation of the bank. | |
| 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. |
| Speaking to analysts in New York, Mr Ermotti affirmed his commitment to the US wealth management business, saying it was "not for sale". | |
| Separately, he told journalists that the days of big margins for investment banks were over. | |
| He predicted the ([investment banking] industry would look more like it did in the 1980s and mid-1990s, and added that the last 10 years had been something of an anomaly. |