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.
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