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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.


Wrap up winners

People who have spare money to invest at the moment are presented with a tremendous and potentially unprecedented opportunity.

Quality quest

This month, the International Monetary Fund will deliver its latest reviews of financial services regulation in Jersey and the Isle of Man, with a similar exercise for Guernsey due to be carried out in September this year.

Fix up, look sharp

Headlines heralding 1p mortgages have kept the spotlight firmly on trackers in recent months but for many clients now is time to refocus on fixed deals.

Lincoln scraps annual admin fee

Lincoln Financial Group has removed the £100 annual admin fee on its retirement product Lincoln i2Live.

India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.


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