Swiss Bank UBS To Lay Off 10,000 Employees | Synopsis

Swiss Bank UBS To Lay Off 10,000 Employees

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Excerpt:

Swiss banking giant UBS AG announced massive layoffs Tuesday along with huge losses in its third-quarter results, saying it aims to trim as many as 10,000 employees to drastically shrink its ailing investment bank. Switzerland's biggest bank said that as part of the cost-cutting drive it "is likely to have a headcount of around 54,000" by 2015, down from its current 64,000 employees among 57 countries. The bank posted a net profit loss of 2. 17 billion Swiss francs ($2. 31 billion), compared with a profit of 1. 02 billion Swiss francs ($1. 13 billion) during the same three-month period through September 2011. In what it called "a significant acceleration" in its transformation, the Zurich-based bank said it would sharpen its focus on the investment bank and appoint a new executive to lead it.

Concepts:

Zürich Bank Swiss franc Finance Switzerland Banking in Switzerland Basel Credit Suisse

People:

CEO Sergio Ermotti

Overall Sentiment: 0

Relevance: 0.235645

Sentiment	Quote
0.0118663	CEO Sergio Ermotti said the investment unit, which has been hit by a series of costly blunders in recent years, will "continue to be a significant global player in its core businesses."
Sentiment Stats:	Number of Quotes: 1 Aggregate Sentiment: 0.0118663 Mean: 0.0118663 Standard Deviation: 1.4142135623731

Key:

• Aggregate Sentiment is meant to be an indicator of an individual's overall sentiment.
• The Mean is meant to be an indicator of an individual's average comment sentiment.
• The Standard Deviation, when there are enough quotes, will indicate an individual's consistency of sentiment (i.e. a Standard Deviation of 0 would mean they were very consistent in their sentiment and 1 would mean they were very inconsistent).

Note that quote stats are likely to be meaningless beyond the aggregate score due to the tiny sample size. However, they are always provided just in case you find something useful there.

Additional Info:

Company: UBS AG

Overall Sentiment: -0.192529

Relevance: 0.490075

Disambiguation: References:

• UBS AG
• UBS AG: dbpedia
• UBS AG: freebase
• UBS AG: opencyc
• UBS AG: yago

FieldTerminology: investment bank

Overall Sentiment: -0.0286975

Relevance: 0.913923

Webpage Meta Details

Site Provided Keywords:

URL Provided Title:

Swiss Bank UBS To Lay Off 10,000 Employees

Site Provided Desc:

Switzerland's biggest bank announced huge losses in its third-quarter results Tuesday, and said it aims to trim as many as 10,000 employees to drastically shrink its ailing investment unit.

Source : Swiss Bank UBS To Lay Off 10,000 Employees

Data Sources

Full Content: http://www.npr.org/2012/10/30/163923899/swiss-bank-ubs-to-lay-off-10-000-employees?ft=1&f=1004

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