UBS has confirmed it is cutting 10,000 jobs as it looks to drastically shrink its ailing investment bank which has a large presence in London.
Switzerland's biggest bank announced the plans as part of its third-quarter results which revealed a loss of 2.2 billion Swiss francs (£1.43bn) compared to a profit of 1.02 billion (£0.67bn) in the same period last year.
It said the result for the July-September period was damaged by a one-off charge of 3.1 billion Swiss francs (£2bn) linked to the restructuring of its investment banking division and a debt-related charge of 863 million (£574m).
Chief Executive Sergio Ermotti said the investment unit, which has been hit by a series of costly blunders in recent years, would "continue to be a significant global player in its core businesses" but there would be "a significant acceleration" in its transformation.
Of the total job cuts, 2,500 positions would be lost in Switzerland while the rest would be felt in the UK and US.
A spokesperson for the bank's operation in London told Sky News there was currently no confirmed figure for UK losses but said it would be fair to assume it would be in the thousands.
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