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MarketwatchZURICH (Dow Jones)--UBS 27.76, -2.53, -8.3%) is considering cutting as many as 8,000 jobs to save costs, and won't rule out a possible split of its wealth management and investment banking business, a Swiss newspaper reported Sunday.
Chief Executive Marcel Rohner reaffirmed at a recent meeting of 300 senior UBS bankers that the Swiss bank wants to keep its wealth management and investment banking operations under one roof, but he also said alternative scenarios always have to be considered, Swiss weekly Sonntagszeitung reported.
The newspaper didn't name its sources.
UBS confirmed that the meeting had taken place, but denied that concrete headcount figures were mentioned, or that a separation of the investment banking and wealth management businesses had been discussed.
It is true that UBS aims to improve its cost-to-income ratio and is taking measures to boost efficiency, spokesman Axel Langer said. Such measures can include job cuts, but there aren't any concrete headcount reduction targets, he added.
UBS is one of the worst-hit banks worldwide by the financial markets crisis that started with the demise of the market for risky home loans in the U.S. The Swiss bank has written down more than $18 billion on such assets last year, and analysts expect more to come.
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Watch this one tommorrow!!!!!!