UBS (UBS) to Reduce Headcount by 3,500, Seeking to Cut $2.5B from Costs
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UBS AG (NYSE: UBS) announced Tuesday it will be cutting 3,500 jobs in an effort to reduce roughly $2.5 billion (2 billion Swiss francs) in capital costs. Almost half of the cuts will be the in investment banking sector.
The bank plans on spending around 550 million francs in restructuring costs with 450 million francs of it being installed during the third quarter of 2011.
The move comes after the bank reported in July it is not going to be able to meet its long-term outlook and goal, and as a result would have to make some changes, including job cuts, to get close to them.
"The measures announced today are designed to improve operating efficiency. UBS will continue to be vigilant in managing its cost base while remaining committed to investing in growth areas," UBS said.
The bank plans on spending around 550 million francs in restructuring costs with 450 million francs of it being installed during the third quarter of 2011.
The move comes after the bank reported in July it is not going to be able to meet its long-term outlook and goal, and as a result would have to make some changes, including job cuts, to get close to them.
"The measures announced today are designed to improve operating efficiency. UBS will continue to be vigilant in managing its cost base while remaining committed to investing in growth areas," UBS said.
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