Job Cuts Abound

Job Cuts Abound.

UBS AG, a global bank that has been plagued with problems by the mortgage crisis and credit losses, is looking at having to cut close to 10% of employee jobs throughout their banking and trading division. The people that may lose their jobs are the ones that know only too well how bad the economy is. 2,200 people are looking at losing their jobs and even though the banks efforts to boost itself in this hard time, its too early for anyone to predict just how deep the job terminations will be.

UBS chief Marcel Rohner has intimated that the bank has been considering this option since the beginning of April and the terminations will be across the board yet focused on the fixed income businesses that caused most of the financial losses the bank has suffered. Areas such as equities that are staying strong through the beginnings of what will probably be a recession will not see any job cuts.