UBS to shed 10,000 jobs

  • Swiss bank UBS announced on Tuesday it is to make 10,000 job cuts.

    UBS also revealed it would be winding down its fixed income business

    The move comes on the back of depreciating revenue and increasing capital requirements, according to source familiar with the matter.

    The decision is one of the largest layoffs by a bank since the financial crisis.

    The jobs will go over the next three years, and equals 16 percent of its workforce of 64,000.

    Last year, UBS announced it would cut more than 5 percent of its workforce, or about 3,500 jobs. The new cuts are believed to replace that target.

    UBS announced its plans as it reported its results for the third quarter.

    The bank reported a net loss of $2.31 billion in the third quarter, compared to last year’s net profit of $1.09 billion.