Swiss bank UBS to axe 3,500 jobs

Swiss bank UBS became the latest banking giant to announce job losses today as it struggles with a sluggish global economy and increased regulatory pressures.

The Swiss firm, which employs 65,000 worldwide, said it would reduce its headcount by 3,500 as part of a bid to save 2 billion Swiss francs (€1.75bn) by the end of 2013.