UBS said to be planning 10,000 job cuts

UBS Stamford by J. Gregory Raymond

The Financial Times and Bloomberg News both reported Friday, UBS is planning to cut 10,000 jobs.

The company did not comment on the reports, based on unnamed sources, Friday, when contacted by The Mines. However, Gov. Dannel P. Malloy’s office said the Swiss-based bank, has assured the governor that it will meet its obligations under a $20 million loan deal agreed to in August of 2011.

Connecticut agreed to provide UBS a $20 million forgivable loan, provided the bank keeps at least 2,000 employees in its Stamford facility and invests in technology and training in the state. A failure to meet these requirements would force UBS to pay the money back.

UBS reports third quarter results on Tuesday and details on any further cost cutting could be revealed then.

Here’s a link to Bloomberg’s story:

Rob Varnon