8000 jobs may be cut at UBS

It's not gonna be a good week for thousands of UBS workers as the company is readying plans to announce new job cuts....  

UBS AG may cut as many as 8,000 jobs as   it grapples with the biggest credit writedowns of any European bank and a 12   billion-franc ($11.4 billion) first-quarter loss.
 
  Switzerland's biggest bank, which had a 3 billion-franc profit a year earlier,   is set to spell out plans for layoffs when it reports detailed results   tomorrow. The company will probably say it's eliminating between 2,500 and   3,000 jobs in its investment bank, more than 10 percent of the division, two   people familiar with the matter said May 2.
 
  ``UBS is scaling down investment banking,'' including reducing trading bets   and giving up off-balance sheet units, said Frankfurt-based Landsbanki Kepler   analyst Dirk Becker, who advises clients to ``reduce'' holdings of UBS. It is   ``realistic'' to estimate that the company will fire one tenth of its 83,000   employees overall, he said.

UBS May Cut 8,000 Jobs After SF12 Billion First-Quarter Loss - Bloomberg