Forbes.com, 14 Apr 2009, Associated Press
UBS AG, Switzerland's largest bank, said Wednesday it expects a first quarter loss of nearly 2 billion Swiss francs ($1.75 billion) and that it will cut 8,700 jobs worldwide by the end of next year.
It also said clients have continued to withdraw their money from the bank in the wake of its decision to cooperate more closely with foreign authorities over tax evasion.
The company, which has been hard-hit by subprime-related losses, said it will "adapt its size to the changed market conditions and lower levels of business."
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