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  1. Wealth
March 30, 2009

UBS to announce more writedowns, layoffs

By Spear's

UBS is expected to announce more writedowns and job cuts in coming days, according to reports in Switzerland’s Sonntag newspaper on Sunday.

UBS is expected to announce more writedowns and job cuts in coming days, according to reports in Switzerland’s Sonntag newspaper on Sunday.

The paper reports that the bank will write down at least a further $2 billion on illiquid assets, and shed another 8,000 jobs on top of the 7,000 cuts that have already been made since mid-2007.

Sonntag believes the job cuts are likely to include some private banking staff, and an official announcement could come as early as 1 April. UBS did not comment on the rumours. For further details, visit thewealthnet

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