Switzerland's biggest bank, UBS, has said it will seek to cut costs by shedding 8,700 jobs by next year.
The news came as the bank announced it had lost about 2bn Swiss francs ($1.75bn; £1.2bn) in the first three months of 2009.
UBS has been one of the biggest banks hit by exposure to the sub-prime loans crisis in the US and ensuing turmoil.
"Unfortunately I am not able, as yet, to offer you any good news," said chief executive Oswald Gruebel.
Later on Wednesday, the Swiss President told the BBC that the former UBS management had taken too many risks, but that he was confident the new team would restore the bank's reputation as the backbone of Swiss financing.
UBS has recently replaced both its chairman and chief executive.
No comments:
Post a Comment