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UBS will sack 5.500 employees

UBS will sack 5.500 employees

The Swiss bank UBS, second largest in Europe, announced that it will sack 5.500 employees until the middle of 2009, in order to reduce costs, informs BBC News.

UBS, which has 80.000 employees around the world, suffered massive losses, caused by the world financial crisis. The UBS announcement was expected. The bank announced two weeks ago that it could reduce its investments and transactions staff with 10%.

About 2.600 employees will be sacked from the investments division, which registered the highest financial losses. The new wave of sackings follows another sacking process of 1.500 employees, completed by the bank. UBS is the largest money administrator in the world or "the largest manager of other people's money".

Only in the first trimester of 2008, UBS reported losses of 11 billions dollars. From the begining of the financial crisis, that started last year, UBS capitalization decreased by 37 billion dollars, more than any other bank.

The bank management announced that it reduced it's risking financial operations and that from now on it expects losses to be stopped. The bank announced that it completed a preliminary agreement with the US company BlackRock, for the sale of a risking mortgaging credits evaluated at 15 billion dollars. This fact, in the opinion of UBS officials, is a major clue that the US real estates sector has become more liquid.

Publicat in categoriile: Actualitate
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