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UBS to cut 8,700 by end 2010

UBS will be cutting 8,700 jobs from its global workforce by the end of 2010.

Speaking at the bank’s annual general meeting this morning chief executive Oswald Gruebel told shareholders that 2500 jobs would be cuts in Switzerland in a bid to realise cost savings in all areas.

At the end of March UBS employed 76,200 people in over 50 countries.

Thousands of job cuts are also expected to be made in the US but the bank could not offer any detail on jobs which may be lost in the UK, where the workforce totaled 7,100 at the end of 2008.

A spokesman for the bank said the implementation of the cost-cutting target is being worked on and more detail may be forthcoming on the business and geographies affected on May 5, in the bank’s Q1 results.

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