UBS chairman says bank will deliver on cost-cutting target

October 12, 2016 11:58 AM EDT

The logo of Swiss bank UBS is seen outside their branch in Bern, Switzerland May 9, 2016. REUTERS/Ruben Sprich

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ZURICH (Reuters) - UBS will deliver on its end-2017 cost-cutting target amid a challenging sub-zero interest rate environment, Chairman Axel Weber said on Wednesday.

"We have announced a cost-cutting program where we will basically deliver 2.1 billion (Swiss francs) ($2.15 billion) cost-cutting over the time," Weber said at a Bloomberg event in Zurich. "Mid-year we were at 1.4 (billion). We will deliver that program."

Weber, the former head of Germany's Bundesbank, also said global central banks should no longer turn to unconventional monetary policies such as negative interest rates so long after the 2007-09 financial crisis.

(Reporting by Angelika Gruber; Writing by Joshua Franklin; Editing by Michael Shields)

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