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.
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.
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The sailboat of Swiss explorer and adventurer Mike Horn was ordered seized by a Marseille court in a southern French port over a dispute involving a naval architect, according to a media report. READ () »
Geneva cantonal police raided eight erotic massage parlours on Tuesday for an investigation into tax fraud allegedly amounting to several million francs. READ () »
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 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 () »
Whether you have ever or never visited the Netherlands, the country that crowned a new monarch this year is also celebrating a wealth of special jubilees in its popular capital. Here’s the lowdown on why Amsterdam is the place to be in 2013. READ () »
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 () »
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