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Swiss bank UBS plans to slash around 3,500 jobs, almost half of them from its investment bank, as it seeks to shave some 2 billion Swiss francs from annual costs by the end of 2013.
UBS [UBS 13.19 -0.12 (-0.9%) ] had already said it would cut jobs when it posted a lower-than-expected second-quarter profit last month as its underperforming fixed income business weighed....
Around 45 percent of the cuts will come from UBS's investment bank, 35 percent from wealth management & Swiss bank, 10 percent from global asset management and 10 percent from wealth management Americas....
Investment banks worldwide have been hit by slow trading due to the debt problems in the euro zone and United States, as well as regulations aimed at forcing banks to hold more capital to protect them from future shocks after the 2008 global financial crisis.
UBS joins a growing line of banks, including HSBC [HSBA-GB 517.40 6.40 (+1.25%) ], Barclays [BARC-GB 149.25 3.00 (+2.05%) ], Goldman Sachs [GS 106.51 -5.25 (-4.7%) ], and Credit Suisse, in slashing thousands of jobs.