UBS job cuts climb beyond 7,000 - papers 3 Oct

The Times says it has already announced 7,000 job cuts this year, more than 4,000 from investment banking, following $42bn (£24bn) of sub-prime writedowns. UBS said it would also "substantially downsize” real estate and securitisation trading. Yesterday, UBS announced a modest third-quarter profit, which cheered investors after a year of losses. Its share price rose 8% to SwFr21.30 on hopes that Switzerland’s largest bank was through the worst of the credit crisis. Jerker Johansson, chairman and chief executive of UBS’s investment bank, said this morning: “While the revenue outlook is un...