UBS to cut 2,000 jobs at its investment bank

Fri Oct 3, 2008 7:01 AM EDT

business, eu, job, switzerland, cuts, ubs, ubs-ag

Swiss bank UBS AG will cut 2,000 jobs at its troubled investment banking unit, most of which will be lost in the U.S. and Britain, an official said.

Some cuts will also be made at offices in Switzerland and the Asia-Pacific region, UBS AG spokeswoman Sabine Woessner said.

The layoffs will bring staffing levels at the investment unit to about 17,000 by the end of the year, 6,000 fewer than at its peak in third quarter 2007, UBS said.

The investment banking unit has been blamed for engaging in risky ventures that forced UBS to record massive losses and writedowns totaling some 45 billion Swiss francs ($40 billion) over the past year.