Switzerland's largest bank, as measured by market cap, is planning to reduce costs at its information technology division from around 3.6 billion Swiss francs ($3.8 billion) per year now to CHF2.4 billion by 2015, it reported, citing people familiar with the plans.
"In principle we don't comment on such speculation, and we haven't yet concluded our business plans for 2013 and the following years," UBS chief executive Sergio Ermotti said in a statement Saturday. "Only when the final decisions have been made, and the next steps decided on, will we make them public," Mr. Ermotti said.
UBS currently employs around 8,200 information technology specialists, including 3,200 in Switzerland, and the job cuts will come as business volumes are reduced, it reports. The planned cost cuts are in addition to the measures announced by UBS in August 2011, when it said it will have to eliminate about 3,500 jobs worldwide, TagesAnzeiger said.
The report comes as banks worldwide have announced thousands of layoffs over the past year as a weak trading and deal making climate, together with more stringent regulations, have whittled away at profits and dragged on revenue growth.
Swiss private bank Julius Baer Group AG (BAER.VX) Tuesday said it will cut about 1,000 jobs globally as it integrates the wealth management unit it acquired from Bank of America Merrill Lynch.
Credit Suisse Group (CS) said earlier this month it will lay off 78 staff in the New York region as part of the plan outlined last year to pare its global headcount by 7%, or about 3,500 jobs. The firm, which has 48,200 employees, according to its website, previously said it had completed 2,000 of those layoffs by the end of March.
Newspaper website: www.tagesanzeiger.ch
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