Arab Today, arab today ubs posts heavy loss to cut some 9000 jobs by 2015
Last Updated : GMT 11:14:33
Arab Today, arab today
Arab Today, arab today

UBS posts heavy loss, to cut some 9000 jobs by 2015

Arab Today, arab today

Arab Today, arab today UBS posts heavy loss, to cut some 9000 jobs by 2015

London - AFP

Swiss banking giant UBS on Tuesday posted a heavy third quarter loss and announced plans to cut around 9,000 jobs worldwide as part of a massive restructuring of its chronically troubled investment bank. \"This decision has been a difficult one, particularly in a business such as ours that is all about its people,\" UBS chief executive Sergio Ermotti said in a statement, referring to the planned job cuts. \"Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect,\" he said, vowing that \"our people will be supported and treated with care.\" The Zurich-based bank said the deep cuts in its overall headcount to around 54,000 people by 2015 was a necessary part of a far-reaching restructuring of its investment bank, including shedding some of its high-risk activities. UBS, which counted some 63,500 employees at the end of June, said the restructuring would save 5.4 billion Swiss francs (4.5 billion euros, $5.8 billion) over the next three years. But the massive restructuring hit the Swiss bank\'s third quarter hard and was largely responsible for the 2.2-billion Swiss franc net loss it posted, compared to the 1.0 billion net profit it raked in during the July-September period last year. UBS said in its earning statement it had taken a one-time charge of 3.1 billion Swiss francs linked to the restructuring and a debt-related charge of 863 million. Speaking of his company\'s earnings, Ermotti meanwhile stressed that all the bank\'s activities had \"delivered improved profitability in the third quarter,\" and that it was rolling out its strategy \"well ahead of schedule.\" The bank expected to have to dish out another some 500 million Swiss francs in restructuring charges in the fourth quarter, but also expected to raise fresh capital during the last quarter of the year despite a difficult economic environment.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ubs posts heavy loss to cut some 9000 jobs by 2015 Arab Today, arab today ubs posts heavy loss to cut some 9000 jobs by 2015

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ubs posts heavy loss to cut some 9000 jobs by 2015 Arab Today, arab today ubs posts heavy loss to cut some 9000 jobs by 2015

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday