More sad news from the banking institutions as UBS announced that it would cut up to 5,000 senior and management jobs over the coming few weeks. UBS is Switzerland’s biggest bank and has over 77,000 staff. About 2,500 management positions for the wealth management division could go. This dominant division of the bank accounts for about 50,000 of the total 77,000 bank staff. UBS said that it is restructuring its Swiss business structure and bringing them down from eight to four.  It also plans to trim its top management in the process. About 600 to 800 positions are expected to be slashed in Switzerland alone. The other job losses are expected outside of Switzerland.  These job cuts come in the wake of UBS efforts to rebuild its once powerful brand and after its massive investments in U.S. assets forced it to accept government backing.

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Posted by Shue on March 19th, 2009 :: Filed under UBS

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