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UBS to axe 3,500 jobs worldwide

Wednesday August 24th 2011

Around 3,500 jobs are to be axed worldwide by Swiss global financial services company UBS, it has been announced.

The company, which employs approximately 6,000 workers in the UK and 65,000 members of staff worldwide, says it is making the job cuts to save two billion Swiss francs (£1.5 billion) by the end of 2013.

UBS signalled its intention to make cut jobs last month and the figure is below the 5,000 that were initially expected to be axed.

It is thought the majority of casualties will come from the firm's investment bank and wealth management division. UBS could not specify how many staff members would lose their jobs in the UK.

The job cuts follow a series of other similar announcements in the UK including the culling of 2,000 staff at the Royal Bank of Scotland, HSBC losing 30,000 jobs, Barclays shaving 3,000 off its workforce and Lloyds Banking Group axing 15,000.

Copyright © Press Association 2011

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