Swiss bank UBS to cut 3,500 jobs

By IANS,

London : Swiss banking giant UBS, which employs 6,000 staff in Britain and 65,000 across the world, will chop 3,500 jobs, a media report said.

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The job cuts were part of the bank’s bid to save 1.5 billion pounds by the end of 2013, the Daily Express reported.

The cuts will come predominantly from its investment bank and wealth management division. The firm did not specify the total number of job losses in Britain.

The move comes after Britain’s biggest banks announced job losses – Royal Bank of Scotland will slash 2,000 jobs, HSBC 30,000, Barclays 3,000 and Lloyds Banking Group 15,000.