Swiss banking giant UBS is likely to cut upwards of 10000 jobs as it succumbs to the global financial meltdown.
It's inevitable,” Helvea analyst Peter Thorne said Tuesday. “Oswald Gruebel has made that clear from the day he started.
The New Chief Executive at UBS and a former Credit Suisse boss reported in February, it wanted to cut down to 75,000 employees this year.
The said job cuts was part of a fresh round hit by global economic recession by slashing jobs particularly in Swiss, U.S and London offices, and 3 percent or 240 on its wealth management group in Asia – Pacific.
In 2007, UBS has already announced 11,000 job cuts since the crisis began, and had around 77,000 employees at the end of 2008.
Recently, UBS reported it had completed its transfer of toxic assets to SNB worth $38.7 Billion and gains on bond sales in first quarter of 2009.
It also reported a net loss of 8.1 billion Swiss francs ($7 billion) in the fourth quarter from 12.967 billion a year earlier and had accepted a 6-billion-Swiss-franc cash injection from the Swiss state last October.
UBS, which has already been force to write down $50 billion or 33.6 billion pounds of assets is expected to announce big new job cuts on April 22 on its annual meeting.
Shares of UBS rose 25 cents to 2.30% at $11.11 in early trading.