UBS to Cut 7,500 More Jobs After Loss, Asset Outflows

Switzerland’s largest bank, plans to cut another 7,500 jobs, bringing total staff reductions to almost 20 percent of the workforce, amid mounting losses and customer defections.

UBS remains in a “precarious situation” after clients withdrew 23 billion Swiss francs ($20.1 billion) from the main wealth management unit and the bank posted a first-quarter net loss of almost 2 billion francs, Chairman Peter Kurer, who steps down today, told shareholders today in Zurich. (Bloomberg)