UBS today confirmed investors’ worst fears by declaring an £11.3bn loss for 2008 and announcing it would axe around a further 2,000 jobs at its shrunken investment bank.
UBS today confirmed investors’ worst fears by declaring an £11.3bn loss for 2008 and announcing it would axe around a further 2,000 jobs at its shrunken investment bank.
The once-mighty bank made Swiss corporate history by losing a record 19.7bn Swiss francs after running up a further net loss of Sfr8.1bn in the final quarter of last year, including Sfr3.7bn in exposures to toxic assets.
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Confirming it is cutting bonuses by 85%, UBS said it planned to cut staff at the investment bank to 15,000 by the end of this year after shedding more than 1,700 in the last three months of 2008 alone.
This means almost 2,200 staff will leave as the investment banking arm, which lost Sfr7.5bn pre-tax in the final quarter, is cut back even further.
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