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Tuesday
Aug232011

Swiss Bank UBS to Cut 3,500 Jobs

SEBASTIAN DERUNGS/AFP/Getty Images(ZURICH) -- UBS AG announced Tuesday that it will be cutting around 3,500 positions in an effort to help reduce its expenses by 2 billion Swiss francs, or $2.5 billion, each year.

The Swiss bank said the job cuts "will be achieved through redundancies as well as natural attrition."

Nearly 45 percent of the staff reductions will come from UBS' investment bank business, while 35 percent will come from its wealth management and Swiss bank business.  The remaining 20 percent will be divided evenly among the bank's global asset management unit and its wealth management Americas unit.

UBS hopes to achieve its savings by the end of 2013.

Copyright 2011 ABC News Radio

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