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UBS IT jobs at risk as bank cuts 3,500 posts

Job cuts reach across operations

UBS IT jobs are at risk, it has emerged, after the bank said it was cutting 3,500 posts across its operations.

The Swiss bank, which has a large UK presence, today declined to give an exact breakdown of the roles affected other than to confirm the back office was affected alongside other operations.

By division, 45 percent of cuts will come from the investment bank, forty five percent from wealth management and Swiss operations, and ten percent from asset management.

The bank is attempting to slash 2 billion Swiss Francs (£1.53 billion) from costs by the end of 2013. Two months ago it announced it was planning to cut 500 jobs from its global IT workforce of 8,700.

UBS insisted the cuts will include natural attrition, though many will still be through redundancy.

"The measures announced today are designed to improve operating efficiency," said the bank. "UBS will continue to be vigilant in managing its cost base while remaining committed to investing in growth areas."


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