UBS Announces Massive Layoffs

GENEVA (October 30, 2012)--The Swiss banking giant UBS AG has announced massive layoffs of 10,000 employees intended to shrink its ailing investment bank drastically.

Switzerland's biggest bank says it is "likely to have a headcount of around 54,000" by 2015, down from its current 64,000 employees in 57 countries.

Chief executive Sergio Ermotti announced the plans Tuesday as part of the Zurich-based bank's third-quarter results.

Ermotti said the investment unit, which has been hit by a series of costly blunders in recent years, will "continue to be significant global player in its core businesses."

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

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