UBS cuts 10,000 but mostly outside Asia

UBS plans to exit fixed income businesses and cut its headcount by roughly 10,000. It will focus more on its private bank, which is a growth area in Asia.

Lara Wozniak

October 31, 2012

The Swiss bank insists that others will follow it in exiting costly trading operations (AFP)

One way to officially announce news that you are planning to cut 10,000 jobs is to bury the line in the second page of a press release entitled: “UBS announces strategic acceleration from a position of strength”.

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