UBS announced today that it will eliminate 3,500 jobs over the next two and half years as part of the bank’s cost-cutting efforts.
The bank said it’s looking to save $2 billion Swiss francs by the end of 2013.
Nearly half of the job cuts will be in the investment banking division, UBS said in a statement. The remaining cuts will come from the wealth management and asset management businesses.
Earlier: “The UBS investment bank is #$%&ed”