UBS reduces staff to save costs

Switzerland's largest bank, UBS, is shedding 240 jobs in the Asia-Pacific region to cut costs, it reported on Tuesday.

This content was published on April 14, 2009 minutes

This represents about three per cent of the bank's total staff in the region, a UBS spokeswoman said.

UBS, which made a loss of SFr20.9 billion ($ 18.35 billion) in 2008, is holding its annual shareholders' meeting on Wednesday against a background of wide speculation that thousands of UBS jobs are to be shed worldwide.

It has already shed 11,000 jobs after exposure to the United States subprime mortgage market crisis.

Reuters news agency quotes banking sources as saying the Asia-Pacific cuts were across all business units, with about 100 jobs to go in Singapore, one of UBS's largest wealth centres in the region.

The spokeswoman said, however, that the region remained a "strategic priority" for the group and a region it would continue to invest in.

The cuts come two months after UBS brought former Credit Suisse boss Oswald Grübel out of retirement and installed him as chief executive.

swissinfo with agencies

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