Report claims Swiss bank UBS to cut 2,000 jobs

(MENAFN - Arab News) A Swiss newspaper is reporting that UBS, the country's largest bank, is set to cut some 2,000 jobs in its IT-department as part of a major cost-cutting drive.

A UBS AG spokesman on Sunday declined to comment on the report, but referred to an internal e-mail to employees by chief executive Sergio Ermotti saying the bank is still examining all its divisions and therefore "no final decisions have been made."

Swiss newspaper Tages-Anzeiger, citing internal documents, reported the bank plans to lay off almost a quarter of its 8,200 staffers in the IT department. It says that is likely to be followed by wider cuts, possibly affecting a fifth of the company's global workforce of some 12,700 employees.

Earlier this week Swiss private bank Julius Baer said it plans to cut about 1,000 jobs.

Source: http://www.menafn.com/menafn/1093569536/Report-claims-Swiss-bank-UBS-to-cut-2000-jobs?src=RSS

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