UBS came up with a heavy third quarter loss and announced plans to cut around 10,000 jobs worldwide as part of a massive restructuring. The bank has planned to reduce its workforce to 54,000 by 2015 from 64,000 employees currently. Some 2,000 cuts will come from UBS front-office workers who deal directly with clients. The news of the coming cuts revived an old joke that the name UBS stands for ‘U’ve Been Sacked’, as many said they only discovered they’d been laid off when their building security passes were deactivated.
English: http://www.btimes.com.my/Current_News ...
http://www.latimes.com/business/money/la-fi-mo-ubs-worker-layoffs ...
For more information, please contact the editor Jan Cremers, Amsterdam Institute for Advanced Labour Studies (AIAS) cbn-aias@uva.nl or the communications officer at the ETUI, Mariya Nikolova mnikolova@etui.org. For previous issues of the Collective bargaining newsletter please visit http://www.etui.org/E-Newsletters/Collective-bargaining-newsletter. You may find further information on the ETUI at www.etui.org, and on the AIAS at www.uva-aias.net.