Arab Today, arab today ubs posts heavy loss to cut some 9000 jobs by 2015
Last Updated : GMT 19:48:50
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.

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
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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