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UBS Plans 10,000 Job Cuts

Bank to retreat from trading businesses.

By Elena Logutenkova, Bloomberg | Updated on October 30, 2012

UBS AG, Switzerland’s biggest bank, will cut about 10,000 jobs and retreat from capital-intensive trading businesses at the investment bank to boost profitability.

The bank plans to save about 3.4 billion Swiss francs ($3.6 billion) in additional annual costs by the end of 2015 as it reduces headcount to about 54,000, Zurich-based UBS said in a statement today. The company will target a return on equity of at least 15 percent starting in 2015, compared with a previous goal of 12 percent to 17 percent.

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