Swiss bank to slash 10,000 jobs

Swiss bank to slash 10,000 jobs

POSTED: Tuesday, October 30, 2012 - 10:00am

UPDATED: Tuesday, October 30, 2012 - 10:04am

Swiss bank UBS announced tuesday that it plans to slash 10,000 jobs or more than 15% of its global work force. The job losses are part of a massive restructuring effort by the bank.

UBS officials say the cuts will save the bank more than $3.6 billion over the next three years. Roughly 2500 jobs will be cut in Switzerland, with the remainder mainly in London and the United States, where UBS runs a large trading operation out of Stamford, Connecticut.

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