UBS may cut 8,000 jobs

UBS is expected to cut 8,000 jobs when it reveals its Q1 results on May 6.

The report comes from Swiss newpaper Sonntag, which says the first 3,000 cuts will affect the employees in the US and western Europe and that the remaining 5,000 will be cut in the autumn.

UBS refused to confirm the speculation but it did say there will be
capacity adjustments at its investment banking operations, and that the number of employees will fall over the coming year as the bank will not fill positions that free up.

The newspaper also states its UBS source says the bank is likely to write-down a further 10bn Swiss francs.