SWITZERLAND - UBS is slashing 3,500 jobs as part of its cost cutting scheme with almost half coming from its investment banking business but only 10% from its global asset management unit.
The firm, which announced last month it was unlikely to achieve its pre-tax profit target set in 2009 because of the new capital and regulatory requirements and the weakening economic outlook, said the...
SWITZERLAND - Swiss firm Lombard Odier Investment Managers plans to launch a new fundamentally-weighted developed sovereign debt fund after a Swiss pension fund agreed to invest CHF1bn ($1.1bn) in the strategy.
SWITZERLAND - State Street has acquired Swiss investment performance measurement and analytics firm Complementa Investment-Controlling AG.
UK/SWITZERLAND - Swiss banking giant UBS has raised its estimate of the losses allegedly caused by rogue trader Kweku Adoboli to $2.3bn.
SWITZERLAND - The funding levels of Swiss pension funds fell by 4% in the second three months of the year, research by Towers Watson shows.
SWITZERLAND - Funding levels of Swiss pension funds were nearly flat in 2010 and funds are now increasing their exposures to higher returning investments to help plug the liability gap.