ZURICH (dpa-AFX) - Swiss banking giant UBS AG (UBS) is expected to slash up to 10,000 jobs globally, according to several media reports citing a person familiar with the matter.
The reports noted that many of the reductions will come in the trading businesses overseen by investment-bank co-head Carsten Kengeter. An announcement may come when the company reports its third-quarter earnings on October 30.
The reports also said that much of the fixed-income operations will be put in a new unit that will hold non-core assets. The new unit is expected to led by Carsten Kengeter.
UBS has had more than 60,000 employees, which means the job cut could equal 16 percent.
UBS had said in August 2011 it would reduce about 3,500 jobs as part of its plans to cut costs of about 2 billion Swiss francs annually by the end of 2013.
Copyright RTT News/dpa-AFX