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UBS shares recover amid reports of jobs cuts

UBS shares recover amid reports of jobs cuts

September 16th, 2011 in News

GENEVA (AP) - UBS shares have recouped some of the losses they suffered in the wake of its announcement that it suffered an alleged $2 billion loss due to rogue trading.

Its share price is 2 percent higher early Friday following its 10 percent slump the day before after it revealed that a single trader had caused the loss. Police in London have arrested 31-year-old equities trader Kweku Adoboli.

Swiss newspaper Tages-Anzeiger reports that UBS is to cut jobs at its investment banking unit that suffered the loss. Citing unnamed sources it says the "massive" cuts will be announced Nov. 17.

Tages-Anzeiger also reported that the entire trading team where the alleged unauthorized deals took place has been suspended.

UBS officials couldn't immediately be reached for comment.