February 10, 2009

UBS to shed 1,600 jobs

Swiss bank UBS announced 2008 losses of $17 billion Tuesday and said it would cut 1,600 jobs from its investment bank unit.

The reductions, combined with a previous job cut announcement, pares the bank's workforce to 15,000, CNN reported. In the fourth quarter, the bank shed 1,782 jobs and lost $6.9 billion, the bank said in a statement.

In the year, the bank said its losses were concentrated in its investment bank where lower invested assets drove reductions in revenue.

The bank also said, Our near-term outlook remains cautious. UBS said it would will continue to reduce its risk exposure and trim operating costs.

This will allow us to focus management and other resources on securing and building the firm's core client businesses, the statement said.