Switzerland's largest financial group UBS says it will cut around 160 jobs at the energy-trading unit purchased from United States group Enron.This content was published on January 28, 2002 - 16:01
A UBS spokesman told swissinfo that 640 staff would be retained after the takeover, out of a total of around 800 employees.
UBS chief executive Peter Wuffli also told the German newspaper, Handelblatt, that absorbing the energy-trading unit into the financial group would not mean additional risks for the bank, since the new unit would be absorbed completely into UBS's risk-management system.
Wuffli, president of the banking group's executive board since December, added that he expected the energy-trading unit to return to its old business volumes in six to twelve months.
He repeated earlier statements that the UBS group, which includes Switzerland's biggest bank and London-based investment bank UBS Warburg, planned no additional lay-offs to counter the effects of an economic downturn.
swissinfo with agencies
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