Investment bank bears brunt of UBS job cuts

Swiss bank says it will slash almost 9% of its investment banking division's headcount, as it bids to reduce costs

Tuesday 23 August 2011 at 13:57

UBS has said it will cut around 3,500 jobs across the group, of which more than 1,500 will come in the investment bank - representing close to 9% of the division's total headcount.

The bank this morning provided an update on its cost reduction plans and revealed it would cut approximately 3,500 jobs through redundancies and natural attrition.