ZURICH (Reuters) - Switzerland's UBS will slash jobs and review the future of its fixed income business after the underperforming unit hit second-quarter profits and forced it to push back targets.
The bank said on Tuesday it would cut costs by 1.5 - 2.0 billion Swiss francs ($1.9 billion - $2.5 billion) in the next two to three years and would likely book "significant restructuring charges" later this year.
"The new capital and regulatory environment will weigh on banking profits and we cannot rely on markets to boost our profits when global economic growth looks to have stalled," Chief Executive Oswald Gruebel told a results presentation.
via news.yahoo.com
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