UBS Plans to Cut 2,000 Jobs, Pay Dividend |
| Bloomberg - Nov 17, 2011 |
UBS AG (UBSN), Switzerland’s biggest bank, will aim for return on equity of between 12 percent and 17 percent starting in 2013 as it shrinks the investment bank to concentrate on wealth management.
The Zurich-based bank also plans to pay a dividend of 10 centimes a share for 2011, its first cash payout since before the start of the financial crisis, it said in a statement today, as top executives speak to investors in New York.
Chief Executive Officer Sergio Ermotti, who took over from Oswald Gruebel following the discovery of a $2.3 billion loss from unauthorized trading in September, is scaling down fixed- income businesses as stricter capital requirements and the European sovereign debt crisis hurt profitability. UBS plans to cut risk-weighted assets at the investment bank by 145 billion Swiss francs ($158 billion) under Basel III rules by 2016 from about 300 billion francs currently.
Read Full Article from Bloomberg
- Posted: 2011-11-17 14:00:29
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