More cutbacks at UBS

- By Alastair Marsh and Saima Farooqi
- 20 Apr 2009

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ZURICH - UBS plans to cut 8,700 staff globally in 2010 in an ongoing attempt to slash costs.

The Swiss bank plans to cut Sfr3.5-4 billion in costs by the end of 2010 to reflect changed market conditions and lower levels of business, it said in a statement last Wednesday (April 15). At the end of March this year, UBS employed 76,200 staff in more than 50 countries, which it plans to reduce to 67,500 in 2010, which will also fall in Switzerland.

The bank said in the future it will maintain its

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