UBS To Slash 3,500 Jobs

UBS AG

announced its plans to cut 3,500 jobs to lower expenses by 2 billion Swiss francs ($2.5 billion) by the end of 2013. UBS reported that about 45% of the job reductions will come from investment bank and 35% from wealth management & Swiss bank. About 10% of the job cuts will come from wealth-management Americas and 10% from global asset management. UBS shares gained 3.87% to $13.70 in pre-market trading.