Thu, 19 Jun 2003

UBS to cut more jobs

ZURICH: Swiss financial giant UBS said on Wednesday it plans to cut around 500 investment banking jobs worldwide in an effort to slash costs.

Dave Walker, spokesman for Switzerland's largest bank, declined to say where the cuts would be made. "We will reduce the work force globally by around 3 percent," Walker said.

The bank has reviewed its cost structure and its staffing needs, and the cuts are aimed at balancing costs versus growth, he said.

UBS currently employs around 16,000 people in 30 countries in its investment banking operations. In early trading in Zurich, UBS shares were down 0.7 percent at 75 francs (US$57.55). -- AP