UBS to cut more jobs in wake of losses

Published Tuesday, April 01, 2008

By Agencies

Swiss bank UBS AG said it would cut more jobs as it restructured its investment bank in a difficult environment for the financial industry.

"Clearly the industry is in a very difficult environment and we have to review the capacity with which we operate in this environment," said UBS Chief Executive Marcel Rohner in a conference call with journalists.

"That's something you'd usually do in a difficult environment," he said. "We will expect to be more specific with respect to all these measures in due course over the next weeks to come."

Earlier on Tuesday, UBS wrote down an additional $19 billion in assets, causing a net loss of 12 billion Swiss francs ($12.03 billion) in the first quarter, and said it would seek 15 billion francs in new capital through a rights issue. (Reuters)

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