Swiss financial giant UBS AG (UBS) is expected to announce more write-downs and job cuts in the next few days, according to reports.
UBS would write down at least another $2 billion on illiquid assets, including asset categories so far not much in the spotlight such as Credit Linked Obligations. UBS would also slash another 8,000 jobs, including some private banking staff, reports said.
The bank has already written down more than £34 billion since 2007 and has cut more than 7,000 jobs since the start of the credit crisis in mid-2007, most of them in investment banking.
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