STORY: UBS CUTS 3,500 JOBSDATELINE: Aug. 24, 2011LENGTH: 0:00:32LOCATION: GenevaVOUnited Bank of Switzerland has announced that it'll cut 3,500 jobs, in order to save some 2.5 billion U.S. dollars.Due to Europe's debt crisis and global economic fears, UBS's quarterly figures in July plunged. Profit went down 49 percent to less than 1.3 billion dollars. The Swiss banking giant says the job cut is designed to eliminate expenses and improve operating efficiency.But the company says it'll remain committed to investing in growth areas while managing its cost.
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