UBS Expects $1.7B Loss, to Cut 8,700 Jobs

ZURICH – UBS AG says it expects a first quarter loss of nearly 2 billion Swiss francs ($1.75 billion) and that will cut 8,700 jobs by the end of next year.

Switzerland's largest bank, which has been hard-hit by subprime-related losses, says it will adapt its size to the changed market conditions and lower levels of business.

UBS says it is planning cost savings by the end of 2010 of approximately 3.5 to 4 billion francs compared with 2008 levels.

The bank released the details Wednesday in advance of the annual shareholders meeting.