Switzerland's biggest bank UBS is to cut 2,000 more jobs as it revamps its investment bank, which has been battered by the US sub-prime crisis.
The latest lay-offs would bring the staff levels in the investment bank division to around 17,000 by the end of this year, 6,000 fewer than the peak level in the third quarter of 2007.
UBS has been forced to write down over $42.5 billion worth of assets and recorded heavy losses when the US sub-prime mortgage market soured.
On Thursday, UBS said, however, that it had turned a corner, with its third quarter expected to yield small profits.
The Swiss bank said its investment unit would stop dealing in commodities as well as 'substantially downsize' property and securitisation trading.
