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UBS seeks to cut costs as profits fall

Major job cuts are expected at Swiss bank UBS after it announced plans to reduce costs by as much as 2bn Swiss francs ($2.5bn; £1.2bn) over the next two to three years.

UBS made the announcement as it reported a big drop in quarterly profit, hit by weaker trading and the high value of the Swiss currency.

Lower trading volumes have also hit Germany's Deutsche Bank.

Julia Caesar reports.