UBS is slashing as many as 2,600 jobs in its stricken investment banking division after announcing a net pre-tax loss of Sfr18.2bn (â¬11.2bn) for the first quarter of the year due to the credit tumult, and $19bn of writedowns from its exposure to the US real estate market.
The redundancies in the investment bank, which form part of group-wide job cuts of 5,500 jobs, or about 7% of the global workforce, mark the bankâs deepest and broadest effort yet to restructure its securities operations in the wake of close to $40bn of losses from the turmoil.
