UBS to cut more jobs to stay alive

UBS to cut more jobs to stay alive

UBS has posted a first-quarter loss and the bank has announced that they are cutting more jobs to stay alive in these tough times.

UBS would be cutting another 11 percent of staff. Chief Executive Oswald Gruebel said that the bank would post a first-quarter loss of nearly 2 billion Swiss francs.

He added: “Unfortunately I am not able — as yet — to offer you any good news. Instead I am forced to present you with another round of unsatisfactory performance figures and to announce further drastic measures. Our outlook remains cautious and we face many uncertainties. We have to prepare ourselves for this even though we are entitled to be very optimistic about the longer-term prospects for our bank.”