UBS could cut up to 4,500 more jobs

Switzerland’s UBS, the world’s largest wealth manager in terms of assets, could cut up to 4,500 more jobs in the near future, local media in Zurich reported.

Newspaper SonntagsZeitung reported it was possible UBS could cut another 4,500 jobs in the next few weeks, without naming a source.

Another newspaper, reported 3,000 to 4,000 positions at UBS could be slashed, also without naming its source.

UBS is struggling to rebuild its once powerful brand after massive investments in risky US assets forced it to make more write downs than any other European bank and take government backing.

It has already announced about 9,000 job cuts, mostly in investment banking, to bring total headcount to fewer than 80,000.

“In spring we announced a global headcount reduction initiative for the Investment Bank and all other business divisions and additional headcount cuts for the IB in fall,” a UBS spokeswoman said.

“These job cuts are fully underway. We do not comment on speculations regarding further headcount reductions. There are no such decisions.”