UBS AG (UBSN), Switzerland’s biggest bank, will eliminate about 3,500 jobs, or 5.3 percent of its workforce, as stricter capital requirements and a slowdown in client trading reduce earnings.
About 45 percent of the reductions will come from the investment bank, 35 percent from the wealth management and Swiss bank division and 10 percent each from the asset management and wealth management Americas units, the Zurich-based bank said in a statement today. UBS had 65,707 employees at the end of June.
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