UBS 'to axe further 4,500'

SWISS bank UBS, the world's largest wealth manager in terms of assets, might cut up to 4,500 more jobs in the near future, local media reported yesterday.

Swiss newspapers claimed it was possible UBS could slash another 3,000 to 4,500 positions. It has already announced about 9,000 job cuts, mostly in investment banking, to bring total headcount to under 80,000.

A UBS spokeswoman said: "We do not comment on speculations regarding further headcount reductions."