UBS shares leap on rumours of huge job cuts
Published: 29 Oct 2012 11:24 GMT+01:00 | Print version
Updated: 29 Oct 2012 11:24 GMT+01:00
Shares in Swiss banking giant UBS rose on Monday, following rumours at the weekend that it will announce thousands of job cuts when it posts its third-quarter results this week.
- 10,000 jobs at risk in UBS split: report (29 Oct 12)
- Teary UBS 'rogue trader' gives evidence (26 Oct 12)
- 'Swiss banking secrecy is over' (17 Sep 12)
At 9.45am, UBS shares were being traded 5.07 percent higher at 12.85 Swiss francs, on an overall Swiss stock exchange down 0.19 percent.
The Zurich-based bank, headed by Swiss Sergio Ermotti, is reportedly preparing to announce as many as 10,000 layoffs and a severing of its investment bank when it presents its third-quarter results on Tuesday.
UBS has for years been trying to get its investment bank back on track after it was hit with disastrous results during the 2008 "subprime" crisis, and already announced 5,500 job cuts in the troubled unit last year.
The results to be unveiled on Tuesday are expected to be bleak, with analysts polled by the AWP financial agency expecting the bank's third quarter net profit to tick in 57 percent lower than a year ago at just 430 million francs ($458 million).
The investment bank is meanwhile expected to show dramatic improvement, with a predicted third-quarter net profit of 288 million francs compared to the whopping 2.1-billion net loss it posted a year ago.
Geneva police raid sex parlours over 'tax fraud'
Geneva cantonal police raided eight erotic massage parlours on Tuesday for an investigation into tax fraud allegedly amounting to several million francs. READ () »
Swiss diamond necklace 'stolen' at Cannes
A diamond necklace from Geneva jeweller De Grisogono worth 2.5 million francs was reported stolen from Cannes on Thursday, just days after thieves made off with 1.4 million francs' worth of bling from Chopard, another jeweller from the Swiss city. READ () »
Chinese premier touts trade deal with Swiss
Chinese Premier Li Keqiang sees a looming free-trade deal with Switzerland as a touchstone for Beijing's growing ties with foreign nations, he told a Swiss newspaper on Thursday ahead of a landmark visit to Europe. READ () »
Switzerland braces for wet and wintry weather
After a wetter than usual start to spring, Switzerland is bracing for a return to wintry conditions and snow in some locations over the next few days. READ () »
Bern seeks new frozen dictator funds law
Switzerland, currently in the process of restituting assets to several former autocratic countries, is working on a new law aimed at simplifying the process of freezing and unblocking such funds, the government said on Wednesday. READ () »
Billionaires' biotech centre set for Geneva
A project backed by two of Switzerland’s wealthiest men to create a Geneva biotech centre is back on track after German pharma company Merck agreed to sell its sprawling complex in the Swiss city. READ () »
Court upholds appeals against holiday homes
A ruling from Switzerland’s top court made public on Wednesday threw thousands of Alpine holiday home development projects into disarray. READ () »
Lausanne scientists unlock clues to ageing
Swiss researchers say they have taken a step closer to unlocking the mystery of ageing after discovering the impact of a longevity gene in mice and then managing to extend the life-span of worms by 60 percent thanks to a basic antibiotic treatment. READ () »
Puerto Rican banker vies for top Olympic job
Puerto Rican banker Richard Carrion added his name on Wednesday to the list of candidates vying to take over as head of the Olympic movement. READ () »
Swiss banks face huge US tax fines: report
Swiss banks holding US citizens' funds that are not declared to American tax authorities face massive fines under a deal between Switzerland and Washington, a newspaper reported on Wednesday. READ () »
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 23/05 Minister: Stockholm riots 'not youth versus society' »
- 23/05 Firefighter to Stockholm rioters: I'll still help you »
More news from Sweden at thelocal.se
More news from Germany at thelocal.de
- 23/05 A French Psy who made Cannes stars see double »
- 23/05 Diamond necklace 'worth â¬2m stolen' at Cannes »
More news from France at thelocal.fr
More news from Norway at thelocal.no
- Actuary
- Administrative Assistant, Associate Director
- Application Analyst - Pharma
- Assistant, Financial Accounting - SYS-122
- Associate Director, Environmental Initiatives
- Business Analyst Pharma
- Business Developement Manager (m/f) Zurich
- Cisco Senior Network Engineer
- Compliance Officer (f/m)
- Data Analyst, Business Engagement and Development
- 23:16 Language level question
- 23:15 How much exercise do you do each week on average?
- 23:15 I am special
- 23:13 Saturday french lessons lausanne?
- 23:11 US Taxes tips & info - beyond the FEIE
- 23:10 ADHD (attention deficit hyperactivity disorder)
- 23:08 Living in a motorhome in Zurich
- 23:00 SBB is just ridiculous...
- 22:54 New to Aigle area
- 22:54 Second business while being a full-time employee
Your comments about this article:
The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.