EMCC European Monitoring Centre on Change



Geographic Location

Country: World


Sector: Financial services
Financial and insurance activities
66.1 - Activities auxiliary to financial services, except insurance and pension funding
Number Employed: 79200

Employment Effects

Announcement Date: 16-03-2009
Planned Job Reductions min: 8700
Planned Job Reductions max: 8700
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-05-2009

Additional Information

In March 2009, the biggest Swiss bank UBS, announced to cut up to 5,000 managerial positions in the following weeks.
On 15 April 2009, the bank announced that it is to cut 8,700 jobs due to a first quarter 2009 financial loss amounting to CHF 35 billion.
UBS operates in over 50 countries. At the end of March 2009 it employed 79,200 people around the world .