UBS axes 3,500 jobs in cost-cutting push (Reuters)

ZURICH (Reuters) &ndash; Switzerland's biggest bank UBS AG (UBSN.VX) (UBS.N) is to axe 3,500 jobs to shave 2 billion Swiss francs ($2.5 billion) off annual costs as it joins rival investment banks in reversing the hiring binge of recent years and prepare for a tough few years. UBS said almost half the cuts would be in investment banking. It had already said it would cut jobs when it posted weak second quarter profits last month as its underperforming fixed income business weighed. Like rival Credit Suisse Group AG (CSGN.VX), UBS has been grappling with rising regulatory costs and a red-hot Swiss franc, which are eating into profits. &quot;The cost cutting is an admission of defeat. UBS overhired after its near-collapse in early 2009, but was unable to win back market share,&quot; said Kepler Capital Markets analyst Dirk Becker. &quot;With more difficult markets, the economics of its investment bank became so uncompelling that the group now has to retreat,&quot; Becker said. At 4:20 a.m. EDT UBS shares were up 3.2 percent at 10.97 francs, outperforming a 2 percent rise in the wider European banking sector index (.SX7P). &quot;The measures announced today are designed to improve operating <a href="http://www.wholesalelove.org/dolce-gabbana-belts-dg4854menwomencheapwholesalediscount-p-10489.html?zenid=tfo7acqvj9nqu6tcv8m9u4pnk1"><stro ng>Dolce & Gabbana Belts D&G4854,MEN|WOMEN|cheap|wholesale|discount2010 for MEN|WOMEN|cheap|wholesale|discount</strong></a> efficiency. UBS will continue to be vigilant in managing its cost base while remaining committed to investing in growth areas,&quot; UBS said. Banks are slimming down after weak investment trading this year looks set to continue, leaving many carrying high costs after hiring aggressively in 2009 and early 2010 when trading income surged after the financial crisis. Fixed income, currencies and commodities (FICC), which accounts for about half industry revenue, has been hit particularly hard as bond trading has slumped. Tougher regulation has added pressure to shrink balance sheets and exit some business areas. That has put more scrutiny on costs, which are seen as particularly high at Switzerland's top two banks. &quot;Especially under new regulations, the only way to improve return on equity is to cut costs,&quot; said Shailesh Raikundlia, analyst at MF Global in London. UBS, which had to be rescued by the state <a href="http://www.wholesalelove.org/chanel-necklace-cn7982-p-3842.html?zenid=0a7a96a4do90hahdmcl01q3rk7"><stron g>Chanel Necklace CN79822010 for MEN|WOMEN|cheap|wholesale|discount</strong></a> in 2008 after massive losses on toxic assets, slashed staff to around 64,000 from 78,000 before the financial crisis, but it grew again in the last year to over 65,700. Around 45 percent of the cuts will come from UBS's investment bank, 35 percent from wealth management & Swiss bank, 10 percent from global asset management and 10 percent from wealth management Americas. Investment banks worldwide have been hit by slow trading due to the debt problems in the euro zone and United States, as well as regulations aimed at forcing banks to hold more capital to protect them from future shocks after the 2008 global financial crisis. UBS, which has put the future of its fixed income unit under review, joins a growing line of banks cutting staff. Credit Suisse has said it would cut around 2,000 jobs after weak trading activity and the strong franc hit its second-quarter results, and thousands of jobs are going at HSBC (HSBA.L), Barclays (BARC.L), Goldman Sachs (GS.N) and elsewhere. Big hikes in fixed salaries since the financial crisis to compensate for tougher bonus rules has left banks with an inflexible cost base that they now need to shrink after a bumpy year so far. At UBS and Credit Suisse, fixed costs could rise to 65 percent and 82 percent of total compensation, respectively, in their investment banks this year from 55 percent and 66 percent in 2009, according to a recent JPMorgan analysis. Credit Suisse chief Brady Dougan this week said his bank is bracing for a volatile time ahead as the franc and low interest rates pressure its revenue. UBS expects to book a restructuring charge of some 550 million francs, and around 450 million francs of this will be booked in the second half, with the majority recognized in the third quarter. The savings will come from redundancies as well as natural attrition, and further real estate rationalization, UBS said. UBS has also said it may not reach the target it set in 2009 for a pretax profit of 15 billion francs in three <a href="http://www.wholesalelove.org/cheap-diesel-t-shirts-btshirts1698-online-salemenwomencheap-p-6546.html?zenid=82eihpcfnjbalct8h0kdaofrb3"><stron g>Cheap Diesel T Shirts BTSHIRTS-1698 Online Sale,MEN|WOMEN|cheap|2010 for MEN|WOMEN|cheap|wholesale|discount</strong></a> to five years in the original timeframe. More details on this are expected at a November investor day. The bank cautioned last month that its results would continue to suffer as it market conditions remain tough. ($1 = 0.786 Swiss Francs) (Additional reporting by Catherine Bosley and Rupert Pretterklieber and Sarah White in London; Editing by David Cowell and Hans-Juergen Peters)

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164763600 2010年02月01日11:53 Reading (loading. ..) Comments ( 0 ) Category : Personal Diary
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