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UBS AG

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On the 30th of October, UBS AG informed that it planned to cut as many as 10,000 jobs, or about 15 percent of its workforce. The announced job cuts at UBS are part of the key overhaul as the Switzerland’s biggest bank tries to reorganize its investment unit. UBS announced that it would retreat from capital-intensive trading business as the Swiss firm noted a huge loss for the third quarter of the year.

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Switzerland’s largest bank, UBS AG, declared having been hit by $2 billion in losses because of a unauthorized trading carried out by a rogue …

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