UBS to cut 10,000 jobs
Burning Money is Financial Crime and Waste in China by epSos.de
License (according to Flickr): Attribution License
License (according to Flickr): Attribution License
HONG KONG (CNNMoney) -- Swiss bank UBS said Tuesday it intends to slash 10,000 jobs as the firm pares back its investment banking arm. The restructuring will save the bank more than $3. 6 billion over three years, according to the firm's estimates. The loss of 10,000 bankers represents more than 15% of the bank's workforce, which will fall to a total of 54,000 employees by 2015. "This decision has been a difficult one, particularly in a business such as ours that is all about its people," CEO Sergio P. Ermotti said in a statement. The layoffs are one of the industry's largest staff reductions since the financial crisis ripped through Wall Street firms. Ermotti said some of the cuts would come through attrition, but others will surely be involuntary as the bank shuts down entire sectors of its business.
People:
Sergio P. Ermotti
Overall Sentiment: -0.0815072
Relevance: 0.419679
| Sentiment | Quote |
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| -0.286812 | "This decision has been a difficult one, particularly in a business such as ours that is all about its people," CEO Sergio P. Ermotti said ... |
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Kwaku Adoboli
Overall Sentiment: -0.853709
Relevance: 0.340784
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Additional Info:
FieldTerminology: investment bank
Overall Sentiment: 0.206514
Relevance: 0.480378
FieldTerminology: investment banking
Overall Sentiment: 0.0297249
Relevance: 0.464052
Company: UBS
Overall Sentiment: -0.165676
Relevance: 0.893072
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Source : Click
- bank
- banking
- business
- cuts
- economy
- fired
- firing
- investment bank
- jobs
- slash
- UBS
Provided Title:
UBS to cut 10,000 jobs
Site Provided Desc:
Swiss bank UBS said Tuesday it intends to slash 10,000 jobs as the firm pares back its investment banking arm.
Source : Click
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