(Source: IB Times) – Swiss bank group UBS AG said it will eliminate 3,500 jobs around the world over the next two-and-a-half years as part of its efforts to reduce its cost structure.The job cuts will be engineered through redundancies, natural attrition and rationalization of properties.

“Of the expected … redundancies, approximately 45 percent will come from the investment bank, 35 percent from wealth management and Swiss bank, 10 percent from global asset management, and 10 percent from wealth management Americas,” UBS said in a statement.

Source: IB Times

August 23, 2011 8:30 AM EDT

To read more, click on this link