The collapse of Swiss banking model continues apace, under siege due to the bad economy and legal threats over secrecy.
Marketwatch: UBS (UBS) shares fell as much as 9% Wednesday after the struggling Swiss bank said it expects to post a loss of nearly 2 billion Swiss francs ($1.8 billion) for the first three months of 2009 and added that nearly 9,000 more staff will lose their jobs.
The group said it will reduce its workforce to around 67,500 in 2010, from the current 76,200, which will help it slash costs by between 3.5 billion francs and 4 billion francs. Roughly 2,500 of the cuts will be in Switzerland.
In a statement UBS’snewly appointed chief executive, Oswald Gruebel, also said that despite positive early signs, clients continued to withdraw their cash in the quarter. Read the whole thing >