UBS To Cut Nearly 9,000 More Jobs

Switzerland's largest bank will shed nearly 9,000 more employees as it is trying to recover from the global financial crisis, its CEO said on Wednesday. The announcement was made by UBS Chief Executive Officer Oswald Grubel who came at the company's annual general meeting in Zurich.

Grubel said "It will be a long road back to success without any quick fixes. Rather, we will move forward step by step in a rigorous and disciplined manner."

"Unfortunately, I am not able -- as yet -- to offer you any good news," Grubel said. "Instead, I am forced to present you with another round of unsatisfactory performance figures and to announce further drastic measures." Those measures include reducing the number of employees from 76,200 to about 67,500 in 2010. UBS earlier announced job cuts of more than 2,000 in 2009.