Daily Recession covers the world as it goes into recession. The financial crisis, stock market crash, bankruptcies, job cuts, and the turmoil that follows.

UBS to cut 2,000 jobs

Posted: February 11th, 2009 | Author: | Filed under: By Location, Switzerland | No Comments »

UBS posted the biggest ever annual loss for a Swiss firm and it will axe 2,000 more jobs as it restructures to focus on wealth management.

UBS reported an 8.1 billion Swiss francs (Dh25.6 billion) net loss in the fourth quarter, missing a Reuters poll forecast for 7.1 billion Swiss francs. UBS’ loss for 2008 came in at 19.7 billion Swiss francs, above analysts’ predictions for 18.7 billion francs.

Read more about UBS to cut 2,000 jobs (404 words, 1 image, estimated 1:37 mins reading time)