UBS Slashes 3,500 Jobs to Save 2 Billion Swiss Francs

Swiss bank UBS plans to slash around 3,500 jobs in a bid to save some 2 billion Swiss francs from annual costs by the end of 2013.

The banks said of the expected 3,500 staff reductions, approximately 45 percent will come from the Investment Bank, 35 percent from Wealth Management & Swiss Bank, 10 percent from Global Asset Management, and 10 percent from Wealth Management Americas.

(Reporting by Katie Reid)