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Bank workers feels the crunch

07/05/2008

Workers for Swiss investment bank, UBS, have felt the results of the global credit crunch as the company announced it is to shed 5,500 jobs.

Job losses will come from its London and New York divisions and the firm hopes to absorb as many of these through voluntary and attritional redundancies.

"The impact will affect all of UBS's businesses and it requires the firm to manage costs, resources and capacity very actively," it commented.

The bank has reduced its exposure to the US sub-prime related mortgage market that was partly responsible for global credit problems.

Marcel Rohner, chief executive officer, said such actions are proving effective and "we can see tangible effects as a result of our initial responses to the losses".

The most recent UK government employment statistics showed 166,000 more people were in employment than during the last quarter of 2007.

"The number of unemployed people, the unemployment rate and the claimant count have all fallen," it revealed.

 

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