Preparing for tough times ahead UBS has said its cutting 3,500 jobs. Switzerland's biggest bank wants to reduce annual spending by 1.75 billion euros.
UBS said almost half the cuts would be in its investment banking division which has been underperforming.
The bank had already said it would cut jobs when it posted weak second quarter profits last month.
Like rival Credit Suisse, UBS has been grappling with rising regulatory costs and a high value Swiss franc, which are eating into profits.
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