Zurich, Apr 15: UBS, Switzerland's largest bank will cut 11 per cent of the staff compromising roughly of 9,000 employees to recover from the global financial crisis, said the company's Chief Executive Officer (CEO) Oswald Grubel at the company's annual general meeting in Zurich, on Wednesday, Apr 15.
The first-quarter results is due May 5. The bank is forecasting a loss of 2 billion Swiss francs ($1.75 billion). Grubel said, "I am forced to present you with another round of unsatisfactory performance figures and to announce further drastic measures."
This means that the company will be forced to take measures like further bringing down the number of employees from 76,200 to about 67,500 in 2010.
UBS has been one of the biggest banks worst hit by the sub-prime loans crisis in the US and the consequent disturbance.