Embattled Swiss banking giant UBS has announced another round of layoffs during its Investor Day at the Waldorf-Astoria in New York.
The bank indicated that it will cut an additional 2,000 jobs from its investment banking unit by the end of 2016, Dominic Chu from Bloomberg reports.
Sergio Ermotti, who was officially made the permanent CEO two days ago, had indicated he would pare back the investment banking business following the $2.3 billion rogue trading loss.
Prior to the rogue trading loss, the bank announced plans to shed 3,500 jobs as part of broader cost-cutting measures. Nearly half of those cuts were supposed to come from the investment banking business.
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