Recent job articles
October job losses hit a 14 year high- Where is the bailout money really going? CEO's pockets
- Wall Street expects more than 200,000 layoffs
- Circuit City is closing 150 stores in the United States
- Redundancy Entitlements
- Yahoo is set to cut 3,500 jobs by the end of the year
- Tesla Motors gets a new CEO, layoffs are coming
- Most American corporations don't pay income taxes
- PepsiCo is cutting 3,300 jobs around the world
- Jones Soda is laying off 40 percent of their workers
- UBS Bank is cutting over 2,000 jobs
- Kraft Foods is cutting 400 jobs in North America
- eBay is cutting jobs during hard economic times
- Obama calls for small-business rescue plan
- Thousands of jobs are being lost in the United Kingdom
UBS Bank is cutting over 2,000 jobs
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Swiss bank UBS AG will cut 2,000 jobs at its troubled investment banking unit, most of which will be lost in the U.S. and Britain, an official said.Some cuts will also be made at offices in Switzerland and the Asia-Pacific region, UBS AG spokeswoman Sabine Woessner said.
The layoffs will bring staffing levels at the investment unit to about 17,000 by the end of the year, 6,000 fewer than at its peak in third quarter 2007, UBS said.
The investment banking unit has been blamed for engaging in risky ventures that forced UBS to record massive losses and writedowns totaling some 45 billion Swiss francs ($40 billion) over the past year.
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