NEW YORK: Swiss bank UBS AG is expected to cut up to 10,000 jobs, or 16% of its workforce, as it contends with shrinking revenue and rising capital requirements, a source said, in what would be one of the largest layoffs by a bank since the financial crisis.
Switzerland's biggest bank is expected to make the cuts across the firm globally, but the bulk of the losses are likely to occur in its hard-hit trading and investment banking areas.
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