UBS announces a job cut

UBS announces a job cut

UBS has become the latest banking giant to announce a job cut to cut costs and enhance savings.

UBS has announced that they will slash over 2,000 jobs in its investment banking division.

The company is however unlikely to cut many jobs in their Indian operations.

UBS has posted a massive $6.9 billion loss in the fourth quarter of the year and they need to cut costs to remain competitive.

The company has made a loss of $23.12 billion during last year.

UBS representative Rebeca Garcia had this to say: “Most of the job losses in the IB division will be in the US, Europe and to some extent in Switzerland and Asia.”