UBS to cut 10,000 jobs to free up cash for investors

The decision by Zurich- based UBS to cut as many as 10,000 jobs and retreat from its capital-intensive trading businesses will help position Switzerland’s largest bank to return more funds to its shareholders.

UBS intends to split off and wind down much of its fixed-income operations, reducing risk- weighted assets by an additional 100bn Swiss francs (€83bn), a person with knowledge of the matter said.

The reorganisation stands to help UBS meet its capital requirements faster than it otherwise would.