UBS to chop 3,500 jobs to cut costs

Switzerland’s biggest bank UBS is to axe 3,500 jobs to shave two billion Swiss francs off annual costs as it joins rival investment banks in reversing the post-crisis hiring binge and preparing for a tough few years.

UBS said almost half the cuts would be in investment banking. When it posted weak second-quarter profits last month it said it would cut jobs. UBS has been grappling with rising regulatory costs and a red-hot Swiss franc. – (Reuters)