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UBS to axe 10,000 jobs

UBS has announced plans to axe 10,000 staff from its fixed income, currencies and commodities division by 2015. The moves are part of a plan to deliver Sfr5.4 billion ($3.65 billion) of annual cost savings at the bank during the next few years, while dramatically reducing its risk-weighted assets (RWAs) under Basel III.

An announcement by UBS says the bank will exit businesses that have been rendered uneconomical by changes in regulation and market developments. While the

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