Swiss bank UBS sinks deeper into the red

May 6th, 2008 - 4:57 pm ICT by admin  

Zurich, May 6 (DPA) Switzerland’s biggest bank UBS sank further into the red Tuesday when it reported first quarter losses for 2008 of 11.53 billion francs ($10.96 billion). The losses compared to 3.28 billion franc profit made during the same period in 2007.

The company said it would look to reduce its workforce by 5,500 by mid-2009, including the 2,600 job cuts already announced for 2008, if the situation did not improve.

The bank said it had lost a further $19 billion as a result of the downward spiral in the US subprime market in 2007. The results were in line with the bank’s forecast in April.

UBS has seen the largest loss of any European bank.

The bank said it expected the unfavourable global economic outlook to continue which would require UBS “to manage costs, resources and capacity very efficiently”.

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