UBS To Layoff 3,500

ubs doors

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”

Back in July it was reported the embattled Swiss bank would cut 5,000 jobs. And in June the bank said it planned to axe 500 IT jobs both in the U.S. and in Switzerland.