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Swiss Giants Plan Large Job Cuts In 2009 - Report

Stephen Harris

19 January 2009

Both UBS and Credit Suisse will cut thousands more jobs this year, Swiss paper Sonntag said on Sunday.

Although it did not quote sources, the weekly paper said UBS could shed as many as 5,000 jobs in 2009.  The paper said that UBS reduced its workforce by around 9,000 jobs in 2008 and that  further job cuts could be announced when the bank reports its annual results on 10 February.

Credit Suisse, which announced it planned to axe 5,300 jobs in December, will cut by a similar amount in 2009, according to Sonntag, although a spokesman for the bank said it currently has no plans to cut headcount further.