Swiss bank UBS cutting 10,000 jobs worldwide October 30, 2012 - 10:48 AMT PanARMENIAN.Net - The Swiss bank UBS has announced it is cutting 10,000 jobs worldwide as it slims down its investment banking activities, BBC News reported. The jobs will go over the next two years, and amount to 16% of its current workforce of 64,000. UBS lost 39bn Swiss francs ($42bn) during the financial crisis and had to be bailed out by the Swiss authorities. The cuts are aimed at saving 3.4bn Swiss francs. UBS chief executive Sergio Ermotti said: "This decision has been a difficult one, particularly in a business such as ours that is all about its people. Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect." Last year, UBS lost a further 2bn Swiss francs due to the activities of Kweku Adoboli, an alleged rogue trader prompting the-then chief executive Oswald Gruebel to resign. Adoboli is currently on trial for fraud and false accounting. He denies the charges. Partner news  Top stories “It’s a pity that instead of operating flights, airplanes with Armenian flags stand idle under the sun,” Ghazaryan said. The issue was discussed by Gazprom chief Alexey Miller and Armenian Minister of Energy and Natural Resources Armen Movsisyan. On Feb 23, 2012, Yerevan Jur CJSC issued application for decreasing water prices from current AMD 174,059 to AMD 166,044 per cubic meter. Finance Minister David Sargsyan met with the regional director of KfW German Development Bank Lars Oermann.   Partner news |  Latest news UN chief hails China's peacekeeping efforts  Ban said China has provided more peacekeepers than all the other four permanent members of the UN Security Council.Iran's Guardian Council approves presidential election result Hassan Rouhani won the election by taking nearly 51% of votes. Since he won more than half, that eliminated the need for a runoff.Friends of Syria to meet in Doha on June 22: French official Assad's forces aim to retake Aleppo, where they have been mired in a bloody stalemate with rebels for nearly a year.Parliament approves amendments to law on minimum wage rate Besides, new scale of salaries will be introduced, according to which the minimum wage rate will be doubled by 2017. |
