MASSIVE UBS LAYOFFs JOB CUT: 15000 employees to be fired (latest announcement)

UBS Layoffs

Ailing Swiss Investment Bank UBS had earlier announced cut around 2000 jobs as part of its cost cutting measures. However the latest announcement from UBS confirms that it will cut about 15,000 jobs , much more than 2000 jobs announced earlier. The 15,000 jobs would be eliminated by the end of 2009. The following is quoted from Wall Street Journal:

UBS AG Tuesday reported a narrower fourth-quarter net loss and said it will cut 15,000 jobs by the end of this year in its loss-making investment bank.

Reasons for UBS Layoffs

UBS has reported a massive loss of about $7 billion or 8 billion Swiss francs in the fourth quarter of 2008 alone. The loss for the entire year is about 19.7 billion Swiss francs or $17.2
billion. Four months ago, the Zurich based Swiss bank had already approached the Swiss government for a aid package. However, later it reported a much larger than expected quarterly loss, thereby intensifying its cost cutting measures.
sources: WSJ,