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UBS to announce more job cuts soon -media

Sun Apr 12, 2009 5:16pm IST
 
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* UBS to announce more job cuts soon -newspapers

* Switzerland, marketing departments to be hit

ZURICH, April 12 (Reuters) - Swiss bank UBS (UBSN.VX: Quote, Profile, Research) (UBS.N: Quote, Profile, Research) will announce more job cuts soon, with staff in Switzerland and departments like marketing to be hit hard, newspapers reported on Sunday.

Citing several unnamed sources, the Sonntagszeitung newspaper said managers had already started telling their staff about job losses, with departments like marketing and support functions hardest hit.

NZZ am Sonntag said Switzerland would also be hit hard this time, with job cuts among the 26,400 due to be announced on April 22, unnamed sources said.

Swiss newspaper Sonntag said last month that the world's largest wealth manager in terms of assets would cut a further 8,000 jobs.

The bank, one of Europe's hardest hit in the financial crisis, has already announced plans to cut more than 10 percent of its workforce to bring the total staff down to about 75,000 this year.

Oswald Gruebel, a former Credit Suisse (CSGN.VX: Quote, Profile, Research) boss brought out of retirement by UBS in February as new chief executive, has already signalled that further cost cuts would be inevitable.

Gruebel will address his first UBS shareholders meeting on Wednesday.  Continued...

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