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UBS to cut 8,700 jobs

ZURICH, Apr 15 – Switzerland\’s biggest bank UBS on Wednesday said it lost about two billion francs (1.32 billion euros, 1.75 billion dollars) in the first three months of 2009, and will seek to cut costs by slashing 8,700 jobs by 2010.

"UBS seeks to realize substantial cost savings in all areas. Major job cuts are unfortunately unavoidable. UBS expects to reduce the number of its employees to about 67,500 in 2010," said the bank, which employed 76,200 people at the end of March.

Switzerland\’s banking icon UBS has been struggling to recover after losing billions on the United States subprime mortgage homeloan crisis and the ensuing financial and economic turmoil.

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