Confirming 10k job cuts, UBS to exit some fixed income lines of biz

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Swiss-based UBS AG, confirmed Tuesday it would shed about 10,000 jobs between now and 2015 with much of those reductions coming in its fixed income business.

The bank said in a press release it would concentrate on its investment banking division.

Gov. Dannel Malloy’s office told Hearst Media Connecticut that UBS had said it would honor its commitments under a contract with the state to keep 2,000 employees in Stamford in exchange for a $20 billion forgivable loan.

The City of Stamford’s economic development office also said Wednesday morning, UBS had not contacted it regarding impacts on Stamford employment.

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Rob Varnon

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