Largest Swiss banks UBS, Credit Suisse seen cutting more jobs

[Naveed Yaseen]

ZURICH: Swiss banking giants UBS and Credit Suisse are both expected to cut thousands more jobs this year, Swiss weekly newspaper Sonntag said on Sunday.

UBS, which shed around 9,000 jobs in 2008, may announce further job cuts when it reports annual results on Feb 10 and could shed as many as 5,000 jobs in 2009, Sonntag said without quoting sources.

Serge Steiner, a spokesman for UBS, said the bank would give an update on staffing at that time but declined to comment on the report. Sonntag said Credit Suisse, which announced it planned to axe 5,300 jobs in December, will cut by a similar amount in 2009. Credit Suisse spokesman Andres Luther said the bank currently has no plans to cut headcount further.


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