- The losses were just as dismal as UBS had warned they would be, and the bank's proposed remedies disappointed.
Announcing first-quarter losses of 11.5 billion Swiss francs ($10.9 billion) on Tuesday, UBS said it planned to slash 5,500 jobs, or slightly less than 7.0% of its workforce, after taking $37 billion in investment write-downs. Around half of these would be made in its loss-making securities division and would come on top of the 1,500 job losses announced last year.

Full story: forbes.com