Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
Sector
Financial Services
Activities Auxiliary To Financial Services And Insurance Activities
Activities Auxiliary To Financial Services And Insurance Activities
66.1 - Activities auxiliary to financial services, except insurance and pension funding

8,700 jobs
Number of planned job losses
Job loss
Announcement Date
16 March 2009
Employment effect (start)
1 May 2009
Foreseen end date

Description

In March 2009, the biggest Swiss bank UBS, announced to cut up to 5,000 managerial positions in the following weeks. On 15 April 2009, the bank announced that it is to cut 8,700 jobs due to a first quarter 2009 financial loss amounting to CHF 35 billion. UBS operates in over 50 countries. At the end of March 2009 it employed 79,200 people around the world .


Sources

  • 16 April 2009: Hospod├írske noviny
  • 16 March 2009: Hospod├írske noviny

Citation

Eurofound (2009), UBS, Internal restructuring in World, factsheet number 68509, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68509.