Updated 09:42

Zurich, Switzerland (GenevaLunch) - UBS announced Friday morning, following its Extraordinary General Meeting Thursday, that as part of its efforts to get the bank back to profitability it is cutting 2,000 jobs in its investment banking business, part of a “recalibration to the market environment.”

The bank’s overall staff numbers will be at 17,000 by the end of 2008, a reduction of 6,000 people since markets peaked in the third quarter of 2007. The cuts come in business areas UBS is planning to either leave, or where it plans to reducce its presence subtantially in order to focus on its core investment business, it said. Bloomberg reports that the redundancies could save the bank CHF500 million.

You can leave a response, or trackback from your own site.