By Marcus Leach
UBS, the Swiss banking group, have announced that they will cut up to 3,500 jobs as they look to cut costs.
The cuts will come globally, with 45% of them expected to come from their investment bank arm. A statement on the bank's website outlined the plans.
"UBS today provides an update on its plans to eliminate expenses of a total of approximately CHF 2 billion ($2.5 billion, £1.5 billion) from annual costs by the end of 2013," the statement read.
"These plans include savings associated with headcount reductions of approximately 3,500, which will be achieved through redundancies as well as natural attrition, and further real estate rationalisation.
"Of the expected 3,500 staff reductions, approximately 45% will come from the Investment Bank, 35% from Wealth Management & Swiss Bank, 10% from Global Asset Management, and 10% from Wealth Management Americas."
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