Swiss bank UBS, which has suffered the biggest losses of any bank due to the US sub-prime mortgage crisis and credit turmoil, is cutting up to 5,500 jobs.
The bank also unveiled losses for the first quarter of 2008 of 11.5bn Swiss francs ($11bn:Ј5.5bn).
UBS said it expected Credit Suisse reduces 2007 profit ...
UBS confirms sub-prime loss woes ...
Profits at Credit Suisse plunge ... current "tough trading conditions" to remain, forcing the group to "actively" cut costs.
The job losses - 7% of the workforce - will go by mid-2009 mostly through redundancy and natural wastage.
UBS has so far posted write-downs of $37bn (Ј18.5bn), more than any other leading bank.
(BBC)
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