UBS gains on report of big job cuts

17th November 2009, Comments 0 comments

Shares in UBS rose on Monday a day before management was due to announce another 2,500 job cuts.

Zurich – Shares in Swiss banking giant UBS rose on Monday a day before management was due to announce another 2,500 job cuts and outline its strategy to investors, according to a Swiss newspaper.

At 9h54, the stock was up 2.28 percent at CHF 17.49, outperforming the Swiss Market Index, which was up 0.70 percent.

UBS is holding its investors' day in Zurich on Tuesday, when its chief executive Oswald Gruebel is expected to outline his vision for the bank.

The Swiss newspaper Sonntag reported on Sunday that Gruebel may also announce 2,500 more job cuts on top of the 8,700 layoffs which it announced in April.

The bank was not immediately available to comment on the information.

UBS, which employed 69,000 people at the end of September, posted a loss of CHF 564 million (EUR 373 million, USD 559 million) in the third quarter.

Customers withdrew CHF 36.7 billion over the quarter, bringing the total outflows in the first nine months of the year to CHF 91.1 billion.

AFP / Expatica

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