UBS to Cut 2,600 Investment Banking Jobs

Basel, Switzerland–After posting an $11 billion first quarter loss, Basel, Switzerland-based banking giant UBS said it would reduce 2,600 jobs from its investment banking division, the Washington Post reports.The bank plans to reduce its workforce by 5,500–7 percent–by mid-2009. Most of the job cuts are expected to happen in the U.S. and Britain.UBS also said this week that, in order to reduce exposure to risky assets, it had come to an agreement with asset manager BlackRock to sell it $15 billion worth of distressed mortgage assets.