UBS to Cut 10,000 Jobs

    FILE - In this Sept. 15, 2011 file picture the logo for Swiss bank UBS is photographed  outside one of their offices in the City of London. The Swiss Competition Commission said Friday Feb. 3, 2012  it has launched an investigation into possible cartel behavior by a dozen banks including Switzerland's two biggest institutions UBS and Credit Suisse. The banks are suspected of colluding to influence key interest rates and the trading conditions for derivatives, the commission said in a statement Friday.  (AP Photo/Sang Tan,File)

    Sang Tan / AP Photo

    Swiss bank UBS announced on Tuesday that it will wind down its fixed-income business over the next three years and shed 10,000 bankers. The bank will focus its efforts on its private bank and a smaller investment bank—, abandoning much of its trading business that accounted for nearly $50 billion in losses sine the financial crisis began. Of the job cuts, 2,000 will be from the front-office investment-banking staff with 2,500 of the total cuts occurring in Zurich and the rest in New York and London. The bank’’s shares soared on Monday in anticipation of the announcement.

    Read it at Reuters