UBS AG, Switzerland’s largest bank, plans to eliminate an additional 2,000 jobs at its securities unit and return to profit in 2009 after a record loss last year.
UBS rose as much as 7.7 percent in Swiss trading after saying its wealth and asset management businesses recorded net increases in client investments in January, following 85.8 billion francs ($73.8 billion) in withdrawals last quarter.
Chief Executive Officer Marcel Rohner said UBS will return to profitability after getting a lifeline from the Swiss government to split off toxic assets. The world’s largest manager of money for the wealthy is scaling back risk at the securities unit and seeking to stem defections by rich clients after posting a fourth-quarter loss of 8.1 billion Swiss francs...more
