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 May 2015
Universal:
That, rejecting the culture of indifference, we may care for our neighbours who suffer, especially the sick and the poor.
Evangelization: That Mary's intercession may help Christians in secularized cultures be ready to proclaim Jesus.


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


Comments


More Business & Economics

Los Angeles boosts minimum wage to $15.34 an hour, largest U.S. city to do so Watch

Image of Significantly, the bill in its current form includes tipped workers. This means that tips would not count towards the proposed minimum-wage base pay of $15.

By Catholic Online (NEWS CONSORTIUM)

The minimum wage for the city of Los Angeles will be $15.34 by the year 2020 - until then, wages will increase incrementally each year. The vote is being hailed as "the most significant victory so far" in the push to increase the minimum wage nationally. LOS ... continue reading


Another attack on 'In God We Trust': Atheists take a stab at U.S. currency motto Watch

Image of The United States currency's motto is 'In God We Trust.'

By Atarah Haely (NEWS CONSORTIUM)

After a series of unsuccessful legal battles against the religious quote on U.S. currency, a popular atheist activist claims to have found a new and more effective way attack the country's beloved "In God We Trust." MUNTINLUPA, PHILIPPINES (Catholic Online) - Michael ... continue reading


Verizon to buy AOL in $4.4 billion deal Watch

Image of Verizon says the deal will shore up its wireless and over-the-top or OTT video strategies.

By Catholic Online (NEWS CONSORTIUM)

In a deal valued at approximately $4.4 billion, telecoms giant Verizon will acquire digital conglomerate American Online, or AOL. Verizon announced this week it would acquire digital conglomerate AOL, intended to bolster the telecommunications giant's efforts ... continue reading


Five American tech companies have $430 BILLION in which to play Watch

Image of While other companies cry

By Catholic Online (NEWS CONSORTIUM)

While other companies cry "poor mouth" or say they have little at their disposal, at least five American tech companies are sitting on an overwhelming $430 BILLION in cash. There should be no surprise that Apple leads the list by a wide margin. LOS ANGELES, CA ... continue reading


New York Times reports substantial loss in spite of digital growth Watch

Image of There has been a move to make the newspaper more attractive to readers. The newspaper's cooking product, a hub for recipes and food-related content, has been free since its introduction.

By Catholic Online (NEWS CONSORTIUM)

In just one of growing death knells of the daily print newspaper, the iconic New York Times reported a hefty $15 million loss for the first quarter of 2015. Digital subscriptions continue to show solid growth. Digital advertising grew at a double-digit pace. ... continue reading


Shakeup at Walt Disney Parks -- information technology employees replaced by non-immigrant workers Watch

Image of Both Disneyland and Walt Disney World certainly were not the happiest places on Earth for many employees at the beginning of this year.

By Catholic Online (NEWS CONSORTIUM)

Both Disneyland and Walt Disney World certainly were not the happiest places on Earth for many employees at the beginning of this year. Multiple layoffs went around to many several information technology employees and were told their final day would be January ... continue reading


Apple can't seem to spend money fast enough as profits soar and cash reaches a staggering $194 billion Watch

Image of At Apple - the company can't seem to spend money fast enough.

By Catholic Online (NEWS CONSORTIUM)

Digital gadget maker Apple has ended the first calendar quarter with $33 billion in cash and short-term investments and $160.4 billion in long-term investments. Apple currently has $194 billion in cash and investments, more than any other non-financial company ... continue reading


Meet the billionaires who pledged to give up their fortunes to change the world Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

Through the "Giving Pledge," men and women belonging to the upper crust of the society, with billions of dollars in their name, commit to donating a large chunk of their fortune, whether through their lifetime or through their will. Coming from the majority of their ... continue reading


World's discarded electronic junk building up into massive toxic dump Watch

Image of Less than 16 percent of global e-waste is being diverted from landfill into recycling and reuse.

By Catholic Online (NEWS CONSORTIUM)

Television sets, washers and driers, stereos - broken, discarded, and then thrown away, are creating a massively toxic waste dump of gargantuan proportions. The irony in all this "e-waste" is the fact that precious metals such as gold and silver are also thrown ... continue reading


Australian father-and-son team raises $10 MILLION for beehive project Watch

Image of The beehive symbolizes productive activity, and for father and son Cedar and Stuart Anderson of Australia, their project was literally that.

By Catholic Online (NEWS CONSORTIUM)

The beehive symbolizes productive activity, and for father and son Cedar and Stuart Anderson of Australia, their project was literally that. Nearly 30,000 people have funded their "Flow Hive" project on Indiegogo for $10 million dollars. Not bad at all for such ... 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, Acts 28:16-20, 30-31
16 On our arrival in Rome Paul was allowed to stay in ... Read More

Psalm, Psalms 11:4, 5, 7
4 Yahweh in his holy temple! Yahweh, his throne is in ... Read More

Gospel, John 21:20-25
20 Peter turned and saw the disciple whom Jesus loved ... Read More

Saint of the Day

Saint of the Day for May 23rd, 2015 Image

St. John Baptist Rossi
May 23: This holy priest was born in 1698 at the village of Voltaggio in ... 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