UBS Announces More Job Cuts

UBS (UBS) shares opened higher on Tuesday after the troubled Swiss bank said it would lay off about 8% of employees at its wealth management group in Asia Pacific to cut costs.

Zurich-based UBS already has plans to slash about 11,000 investment banking jobs to bring its total staff down to about 75,000 this year. The latest cut of 240 jobs represents about 3% of the bank’s total Asia-Pacific workforce. These include 100 redundancies in Singapore.

After his appointment last February, Chief Executive Oswald Gruebel had indicated that he would not shy away from laying off employees to lower costs. UBS has amassed more than $50 billion in write-downs and taken aid from the Swiss government to combat the global economic downturn. As the recession deepens, the banking giant might shed jobs in other parts of the world soon.

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