When the world gets closer.

We help you see farther.

Sign up to our expressly international daily newsletter.

LE TEMPS (Switzerland), THE FINANCIAL TIMES (UK)

Worldcrunch

ZURICH - Swiss bank UBS officially announced Tuesday it is cutting 10,000 jobs worldwide after losing $42 billion during the financial crisis.

The Zurich based bank, which currently employs 64,500 people, is aiming to reduce its workforce by 2015, Swiss daily Le Temps reports. The bulk of the cuts will be focused on UBS's investment bank.

[rebelmouse-image 27085962 alt="""" original_size="800x532" expand=1]UBS's logo

UBS announced the cuts Tuesday as it reported further losses in the third quarter of this year: a net loss of 2.2 billion Swiss francs.

UBS chief executive Sergio Ermotti said: "This decision has been a difficult one, particularly in a business such as ours that is all about its people.

"Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect."

UBS contact: "Massacre here today."

— Alice Ross (@aliceemross) October 30, 2012

The bank will therefore refocus its activities on its private business bank and its smaller investment bank, thus moving away from the riskier trade and investment deals that were mainly responsible for the bank's losses.

In a joint statement with chairman Axel Weber, Mr. Ermotti said: "We will no longer operate to any significant extent in businesses where risk-adjusted returns cannot meet their cost of capital."

Huw van Steenis, an analyst for Morgan Stanley, told the Financial Times, "The move is very much a positive – investors want UBS to reveal the value in UBS’s profitable asset and wealth management units and reduce the drag from its underperforming investment banking unit.

“The key questions are what is the viability of the new business, what are the execution risks to the new model, and how many years will it be before UBS can start paying a dividend again,” he added.

You've reached your monthly limit of free articles.
To read the full article, please subscribe.
Get unlimited access. Support Worldcrunch's unique mission:
  • Exclusive coverage from the world's top sources, in English for the first time.
  • Insights from the widest range of perspectives, languages and countries
  • $2.90/month or $19.90/year. No hidden charges. Cancel anytime.
Already a subscriber? Log in

When the world gets closer, we help you see farther

Sign up to our expressly international daily newsletter!
Society

Mahsa Amini, Martyr Of An Iranian Regime Designed To Abuse Women

The 22-year-old is believed to have been beaten to death at a Tehran police station last week after "morality police" had reprimanded her clothing. The case has sparked the nation's outrage. But as ordinary Iranians testify, such beatings, torture and a home brand of misogyny are hallmarks of the 40-year Islamic Republic of Iran.

Mahsa Amini

Firouzeh Nordstrom

-Analysis-

TEHRAN — The death in Iran of a 22-year-old Mahsa Amini — after she was arrested by the so-called "morality police" — has unleashed another wave of protests, as thousands of Iranians vent their fury against an intrusive and violent regime. Indeed, as tragically exceptional as the circumstances appear, the reaction reflects the daily reality of abuse by authorities, especially directed toward women.

Amini, a Kurdish-Iranian girl visiting Tehran with relatives, was detained by the regime's morality patrols on Sept. 13, apparently for not respecting the Islamic dress code that includes proper use of the hijab headscarf. Amini was declared dead two or three days after being taken into custody. Officials say she fainted and died, and blamed a preexisting heart condition. But neither her family nor anyone else in Iran believe that, as can be seen in the mounting protests that have now left at least three dead.

For Amini's was hardly the first arbitrary arrest, or the first suspected death in custody under Iran's Islamic regime.

Keep reading...Show less

When the world gets closer, we help you see farther

Sign up to our expressly international daily newsletter!
You've reached your monthly limit of free articles.
To read the full article, please subscribe.
Get unlimited access. Support Worldcrunch's unique mission:
  • Exclusive coverage from the world's top sources, in English for the first time.
  • Insights from the widest range of perspectives, languages and countries
  • $2.90/month or $19.90/year. No hidden charges. Cancel anytime.
Already a subscriber? Log in
Writing contest - My pandemic story
THE LATEST
FOCUS
TRENDING TOPICS

Central to the tragic absurdity of this war is the question of language. Vladimir Putin has repeated that protecting ethnic Russians and the Russian-speaking populations of Ukraine was a driving motivation for his invasion.

Yet one month on, a quick look at the map shows that many of the worst-hit cities are those where Russian is the predominant language: Kharkiv, Odesa, Kherson.

Watch VideoShow less
MOST READ