UBS Lay off Job Cut: may fire 1900 employees

First it was the Wall Street which experienced the massive lay offs, and now there were rumors that due to the current financial turmoil, UBS AG, the European bank with the biggest losses from the credit crisis, plans to go for about 1900 job cuts. News

Which divisions of UBS will be affected due to the UBS Job Cut lay off
It is reported that investment banking, equities, and fixed income units will see the lay offs from UBS.

How many people will be fired in UBS Job Cut lay off
Around 1900 employees of UBS will loose their job - which would amount to about 10 percent of the total investment banking staff.

As per the news, UBS, Switzerland's biggest bank, is scaling back its investment banking unit, which it plans to separate from wealth and asset management after mounting writedowns prompted rich clients to withdraw funds for the first time in almost eight years. The cuts add to the 7,000 already announced by Zurich- based UBS, and would bring to more than 131,700 the total number of jobs eliminated at banks worldwide since July 2007.

UBS rose 4 percent to 19.19 Swiss francs. The bank has dropped 58 percent so far this year, paring its market value to about 56 billion francs ($50 billion).