UBS to Cut Thousands of Jobs By 2015

Most of the 10,000 layoffs will occur in London, Zurich, and the U.S.

Swiss banking giant UBS plans to cut 10,000 jobs by 2015 in what it called "a significant acceleration" in its transformation. The layoffs will mostly take place in London, Zurich and the USA, with business in Russia not likely to suffer.

Switzerland's biggest bank said that as part of the cost-cutting drive it "is likely to have a headcount of around 54,000"by 2015, down from its current 64,000 employees in 57 countries.

The UBS programme was announced in the wake of the losses reported in 3Q 2012. The bank's bottom line nosedived into the red – to the net loss of $2.31bln – which compares to a $1.13bln profit posted during the same three-month period in 2011.