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UBS job cuts loom as it aims for £1.5bn savings

Media reports say 5,000 jobs could go

UBS, the Swiss bank, is expected to make significant job cuts after announcing plans to cut costs by up to 2bn Swiss francs (£1.5 billion) over the next two to three years.

New details on IT jobs have not been confirmed, but last month UBS said that it was planning to cut 500 jobs from its global IT workforce of 8,700.

The announcement came as the company revealed a 14 percent reduction year-on-year in revenues to CHF 7.2 billion (£5.5 billion) and a 23 percent fall in pre-tax profit from CHF 2.2 billion to CHF 1.7 billion.

"We expect to eliminate CHF 1.5 to 2 billion from our expense base over the next two to three years.

"As a result of our intention to initiate cost reduction measures, it is likely that we will book significant restructuring charges later this year," UBS said in its financial results for the second quarter 2011.

UBS did not give any further information on the number, type or location of jobs that will be eliminated. A spokesperson for the bank said that more details on the restructuring plans would be provided later this year.

As of 30 June 2011, the company had 65,707 employees worldwide. According to CBS News media reports in Switzerland have forecast that 5,000 jobs could be lost in the cost-reduction plan.


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