Banking giant UBS AG has announced that 10,000 jobs are to be cut in a bid to reduce the size of its investment bank.
Switzerland's biggest bank said 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 on Tuesday as part of the Zurich-based bank's third quarter results.
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