BUSINESS
04/15/2009 05:12 am ET Updated May 25, 2011

UBS Cutting 5,000 Management Jobs, Says Swiss Paper

Switzerland's biggest bank UBS plans to cut up to 5,000 senior and management jobs in the next few weeks, Swiss weekly SonntagsZeitung said on Sunday.

It said up to 2,500 management positions could go in UBS's dominant and profitable wealth management division, which accounts for 50,000 of the bank's total 77,000 staff.

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