Don't miss

Replay


LATEST SHOWS

FOCUS

Iraq's Mosul: Rebuilding a city fractured by sectarian mistrust

Read more

FRANCE IN FOCUS

Bistrot or bust? Why France's famed cafés are disappearing

Read more

REPORTERS

Video: Afghans live in fear as kidnappings soar

Read more

EYE ON AFRICA

Kenya court rules Dubai firm can print presidential ballots

Read more

ENCORE!

Omar El Akkad's 'American War': A tale of US dystopia

Read more

BUSINESS DAILY

Exxon sues US over $2m fine for violating Russia sanctions

Read more

IN THE PAPERS

'Too sexy for Malaysia': Hit single 'Despacito' stirs controversy

Read more

IN THE PAPERS

Is this the end of Emmanuel Macron's honeymoon period?

Read more

MEDIAWATCH

Macron's air force uniform draws Tom Cruise comparisons

Read more

Business

UBS to axe 5,000 management jobs

Latest update : 2009-03-16

Swiss bank UBS announced a further shake-up to its management team, saying three members of its board of directors would step down, while Swiss media reported that the bank would axe 5,000 management jobs.

AFP - Embattled Swiss bank UBS on Monday announced a further shake-up to its management team, saying three members of its board of directors would step down.

Ernesto Bertarelli, Gabrielle Kaufmann-Kohler and Joerg Wolle would not seek reelection at the April 15 annual general meeting, the group said in a statement.

Engineering group ABB's chief financial officer Michel Demarre, former reinsurer Swiss Re CFO Ann Godbehere and insurer Zurich Financial's chief risk officer Axel Lehmann have been nominated as replacements.

UBS has been struggling to recover after losing billions on the United States subprime home loan crisis and the ensuing financial turmoil.

In past weeks, it has announced major changes to its management, including the appointment of a new chief executive and nomination of a new chairman.

Swiss media also reported Sunday that the bank would axe 5,000 management jobs.

Citing internal research, newspaper Sonntagszeitung said 2,500 job cuts would be made to the wealth management unit while 1,500 would come from asset management and investment bank.

UBS has already announced 11,000 job cuts in a bid to cut cost. It will bring total staff numbers down to 75,000 this year.

Date created : 2009-03-16

COMMENT(S)