UBS set to cut more jobs

UBS set to cut more jobs

UBS has announced that they are now planning to cut more jobs as part of their restructuring process.

The Europe based bank is hit hard by the credit crisis and they are now going to cut 2,000 more jobs from its investment banking unit.

The aim is to cut costs and improve the efficiencies in their operations.

With this, the bank has now cut around 6,000 jobs in their operations since 2007.

They would have around 17,000 employees by the end of the current year.

UBS head Jerker Johansson said in a statement: “The ongoing crisis in the financial markets and dramatically changed industry dynamics require us to recalibrate our business. While the revenue outlook is uncertain, these measures will allow us to focus on our strengths, reduce the cost base to a more sustainable level and position our core businesses for growth once fundamentals improve.”