Swiss bank UBS is to cut 10,000 jobs worldwide as it aims to reduce its investment banking activities. The 10,000 jobs will be worldwide and account for 16% of the banks global workforce.
At this time it is uncertain how many of the 6,600 UK based staff will be affected by the move, but it is thought that 100 London based traders have already been made redundant. The company hopes that the cuts will help create savings of 3.4 billion Swiss Francs – the company had to be bailed out by the Swiss taxpayers to the tune of $42 billion during the banking crisis. More details in this BBC article.