Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/30/2012 (2 years ago)

Catholic Online (www.catholic.org)

Jobs to be thinned out over three-year period

Swiss bank UBS has announced it will layoff 10,000 employees in an attempt to reduce its investment banking activities. The announcement made this week came along with huge losses in its third-quarter results. The positions will be thinned out over the next three years, and amount to 16 percent of its current workforce of 64,000.

One of the banks hardest hit during the global financial crisis, UBS lost $42 billion during the financial crisis and had to be bailed out by the Swiss government.

One of the banks hardest hit during the global financial crisis, UBS lost $42 billion during the financial crisis and had to be bailed out by the Swiss government.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/30/2012 (2 years ago)

Published in Business & Economics

Keywords: UBS, Switzerland, global financial crisis, rogue trader


LOS ANGELES, CA (Catholic Online) - The Zurich-based firm says that as part of the cost-cutting drive it "is likely to have a headcount of around 54,000" by 2015, down from its current 64,000 employees among 57 countries.

UBS posted a net profit loss $2.31 billion, compared with a profit of $1.13 billion during the same three-month period  that ended in September of last year.

"This decision has been a difficult one, particularly in a business such as ours that is all about its people," UBS Chief Executive Sergio Ermotti said.

"Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect."

UBS called it "a significant acceleration" in its transformation. The firm says it will now sharpen its focus on the investment bank and appoint a new executive to lead it.

The bank attributed some of the declining profit to a pretax charge of $920 million linked to an accounting rule on how banks must value their debt.

Banks can possibly post gains if the value of their debt falls, as theoretically become cheaper for the bank to repurchase that debt.

This rule also says that when a bank's debt increases, it must take a write-down because it would theoretically have to pay more to buy back its own debt on the open market.

In advance of the cuts, the value of UBS's stock rose 7.3 percent to close at 13.12 Swiss francs on the Zurich exchange.

One of the banks hardest hit during the global financial crisis, UBS lost $42 billion during the financial crisis and had to be bailed out by the Swiss government.

Then in 2011 it lost a further $2.3 billion due to the activities of Kweku Adoboli, an alleged rogue trader.

.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for June 2015
Universal:
That immigrants and refugees may find welcome and respect in the countries to which they come.
Evangelization: That the personal encounter with Jesus may arouse in many young people the desire to offer their own lives in priesthood or consecrated life.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Business & Economics

'Enough with all the rules' firework industry calls out to Obama Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

This year, more states have allowed people to buy pyrotechnic materials, such as sparklers and Roman Candles. In fact, this year has been wonderful for fireworks manufacturers, since the projected 2015 sales of celebratory explosives are estimated to top $1 billion. ... continue reading


Whole Foods accused of greatly overcharging customers Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Whole Foods, the American foods supermarket chain that specializes in organic goods, has been accused of massive overcharging. The New York City Department of Consumer Affairs explained they have discovered "systematic overcharging for pre-packaged foods" at the city's ... continue reading


Strange and powerful 'boat swallowing' vortex appears in Lake Texoma Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

A strange, giant vortex, estimated to be around 8-feet in diameter, has appeared in Lake Texoma. This occurrence is surprising and perhaps threatening. However, there is an explanation. MUNTUNLUPA, PHILIPPINES (Catholic Online) - Lake Texoma is known as one of the ... continue reading


Is it time to stash money under mattress? 'It's time to hold physical cash,' fund manager says Watch

Image of Ian Spreadbury declined to predict the exact trigger but said it was more likely to happen in the next five years rather than 10.

By Catholic Online (NEWS CONSORTIUM)

Is it time to cash your paycheck and then stick it into a hatbox for a rainy day? According to British fund manager Ian Spreadbury, who invests more than £4 billion of investors' money is gravely concerned that a "systemic event" could rock markets. The upset ... continue reading


In spite of strong showing, Ron Paul predicts Apocalypse on Wall Street Watch

Image of Ron Paul has predicted economic doomsday previously. As stocks continue to make new highs, he remains just as convicted as ever that there

By Catholic Online (NEWS CONSORTIUM)

Things seem to be on an even keel right now but according to former Representative Ron Paul, the Federal Reserve's easy money policies have left stocks and bonds are on the verge of a massive collapse. LOS ANGELES, CA (Catholic Online) - "I am utterly amazed at ... continue reading


The U.S. public is asked - Which woman do YOU want to see on the new $10 bill? Watch

Image of The new $10 bill will also include a

By Catholic Online (NEWS CONSORTIUM)

It's a question being posed to the American public... which American woman do they want to see on the new $10 bill? The revamped $10 bill will go into effect in the year 2020. U.S. Treasury Secretary Jack Lew wants the next generation of U.S. currency to ... continue reading


Who gave them the right to freeze the national debt? Watch

Image of Treasury Secretary Jacob Lew sent a letter to House Speaker John Boehner and other congressional leaders in March that informed them that he was planning to declare a

By Catholic Online (NEWS CONSORTIUM)

There is such a thing as taking a "bull by the horns," but one wonders who granted them this extraordinary power. Treasury Secretary Jacob Lew sent a letter to House Speaker John Boehner and other congressional leaders in March that informed them that he was ... continue reading


Denied for faith: Arizona man allegedly rejected from job for being an 'obese Christian' Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

After being rejected from a job at a web hosting company, a man received an email that allegedly had an attachment where he learned the reasons why he wasn't accepted. According to his statements, he was rejected because of his faith and his weight, as stated in the ... continue reading


'We're in for a huge change in society,' billionaire Cartier owner declares Watch

Image of Nicknamed

By Catholic Online (NEWS CONSORTIUM)

Johann Rupert, the executive chair of luxury brand company Richemont in South Africa has a sobering view of the future. Making billions peddling Cartier jewelry and Chloe fashion, Rupert says that the tension between the rich and poor is set to escalate as ... continue reading


14 years after 9/11, One World Trade Center lacks the bustle of the old Twin Towers Watch

Image of The new One World Trade Center lacks the bustle of the old, with a third of its office space remaining empty.

By Matt Waterson (NEWS CONSORTIUM)

Following the aftermath of the September 2001 attacks in New York, Larry Silverstein, the property developer who had bought the lease to the World Trade Center for more than $3 billion, vowed he would rebuild. LOS ANGELES, CA (Catholic Online) - Almost a decade ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Genesis 28:10-22
10 Jacob left Beersheba and set out for ... Read More

Psalm, Psalms 91:1-2, 3-4, 14-15
1 You who live in the secret place of Elyon, spend ... Read More

Gospel, Matthew 9:18-26
18 While he was speaking to them, suddenly one of the ... Read More

Saint of the Day

Saint of the Day for July 6th, 2015 Image

St. Maria Goretti
July 6: Born in Corinaldo, Ancona, Italy, on October 16 1890; her ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter