Switzerland’s UBS is expected to announce more writedowns and job cuts in coming days, according to Swiss newspaper Sonntag, reports Reuters. Shares in UBS fell 7% on Friday amid rumours of a profit warning and Q1 writedowns. The bank has already written down more than $49bn since mid-2007. Sonntag said UBS would write down at least another $2bn on illiquid assets and slash another 8,000 jobs, after cutting more than 7,000 jobs since mid-2007 and announcing in February a further 2,000 cuts.

This entry was posted by Gwen Robinson on Monday, March 30th, 2009 at 4:56 and is filed under Capital markets, People. Tagged with ubs. Edit this entry.