Swiss banking giant UBS AG has announced massive layoffs of 10,000 employees to drastically shrink its ailing investment bank.
Switzerland's biggest bank says it is "likely to have a headcount of around 54,000" by 2015, down from its current 64,000 employees in 57 countries.
Chief executive Sergio Ermotti announced the plans Tuesday as part of the Zurich-based bank's third-quarter results.
Ermotti said the investment unit, which has been hit by a series of costly blunders in recent years, will "continue to be significant global player in its core businesses."
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Ahead of the cuts, the value of UBS's stock rose 7.3 percent to close at 13.12 Swiss francs Monday on the Zurich exchange.