Sergio Ermotti
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CEO Ermotti: 'UBS must become more efficient'

UBS must become "more efficient", according to its chief executive Sergio Ermotti.

The Swiss bank has announced it is cutting 10,000 jobs worldwide as it slims down its investment banking activities. The jobs will go over the next three years, and amount to 16% of its current workforce of 64,000.

UBS lost 39bn Swiss francs (£26bn; $42bn) during the financial crisis and had to be bailed out by the Swiss authorities. It hopes the cuts will save 3.4bn Swiss francs.

  • 30 Oct 2012