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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

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