UBS slashes jobs, quits fixed income business

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UBS is firing ten thousand people.

Their jobs will go as the boss of the Zurich-based Swiss bank, Sergio Ermotti said it was a hard decision but "necessary to create a UBS that is fit for the future".

The bank is ditching much of the trading business that cost it close to 40 billion euros in losses during the financial crisis.

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http://www.euronews.net/

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