10,000 jobs go in global UBS cull

Swiss financial services giant UBS is to cut 10,000 jobs from its global workforce over the next three years in a bid to cut costs by around €4.5bn.

Irish jobs will not be affected.

The cost reduction — which starts immediately — will be on UBS’ core investment banking and wealth management businesses. Some 2,500 jobs are set to go at headquartered operations in Zurich, with the majority of the remainder in Britain and the US. In all, UBS’ total workforce will drop from 64,000 to 54,000 between now and the end of 2015.