Swiss financial giant UBS AG (UBS) would cut another 8,000 jobs and write down at least $2 billion in illiquid assets in the next few days, reports said Sunday citing a Swiss newspaper.
The bank is expected to make the new write down of assets, including asset categories which so far have not been in the limelight. According to the newspaper, an announcement is likely to be made this week.
Since the start of the credit crisis in the middle of 2007, UBS has cut about 7,000 jobs, most of them in the investment banking sector. Hurt deeply by the credit crisis, UBS has been taking up various measures to revive its credibility. The company recently effected management changes at the top level.
In February, the company had said that by the end of the year, its Investment Bank division would further reduce its headcount to 15,000 by effecting a reduction of about 2000 positions.
On March 11, the bank had revised its financial results for 2008 and the total impact of the revision on net profit after tax was negative CHF 1.190 billion. The company's net loss for 2008 now stands at CHF 20.319 billion, compared to CHF 4.708 billion in 2007. Previously the company reported 2008 net loss of CHF 19.129 billion.
UBS closed Friday's regular trading at $9.77 on the NYSE.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.