Switzerland’s UBS today became the latest banking giant to agree a multi-billion government bail-out.

Swiss bank UBS today said it was axing around 5,500 jobs as it revealed first quarter losses of 11.5 billion Swiss francs (€7bn).

Banking giant UBS today plunged to an annual loss of 4.38 billion Swiss francs (€2.7bn) after huge write-downs linked to the US sub-prime mortgage crisis.

Investment bank UBS today warned of further write-downs amid the fall-out from the US sub-prime mortgage crisis as it posted its first quarterly loss in nine years.

The summer turmoil in financial markets will spark third-quarter losses of up to 800m Swiss francs (€481m), investment bank UBS warned today.