Switzerland’s biggest bank UBS has said it is to axe almost 9000 staff worldwide in an effort to claw back mounting losses.

Severely hit by the US subprime crisis and global financial turmoil the news that the Swiss lender is to shed 11 percent of its workforce comes after it reported it lost more than 1.3 billion euros in the first quarter of the year. With the embattled Swiss lender facing an uncertain future it has claimed the cuts are unavoidable. UBS has also said its conducting a review to exit what it called ‘high-risk and unpromising’ businesses. UBS’ new boss Oswald Gruebel, who is meeting with shareholders today, says their are no quick fixes to restore profit adding it would be ‘a long road back to success.’ The bank is also under investigation from US Department of Justice over fraud and tax evasion involving American clients. Yesterday, a wealthy Florida yacht broker caught up in the on-going federal probe, pleaded guilty to using the bank to hide millions in assets from US authorities.More about: Banking, Switzerland, USA

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