International Bank to lose 10,000 staff

The UBS, one of a number of International Banks lurching from crisis to crisis, posts a third quarter loss of £1.4bn, having made £670 million in the same period last year and as part of a restructuring programme, is looking to reduce the group headcount by up to 10,000.

With its head office in Switzerland but also having a large presence in the financial centres of London and the US, it is not totally clear where the axe will fall but it is unilkely that any of these centres will be spared substantial job losses as they struggle to return to profitability.