London jobs under threat as UBS cuts thousands

Swiss bank UBS will shed 8,700 jobs by 2010, with some posts going in London, it has emerged.

The bank, which employs 76,200 people, announced it would save about £2.4bn from the job cuts. The firm lost more than £1bn in the first three months of 2009.

A bank spokesman refused to confirm how many jobs would be lost in the UK, where it employs 7,000 people, but confirmed some of the redundancies would occur in London.

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“UBS seeks to realise substantial cost savings in all areas, and major job cuts are unfortunately unavoidable. UBS expects to reduce the number of its employees to about 67,500 in 2010,” the spokesman said.

Thousands of redundancies will be made in the bank’s US and Switzerland branches.