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UBS investment banking division plans to lay off around 400 workers: report

NEW YORK -- A published report says the Swiss bank UBS is preparing to cut about 400 jobs.

The Wall Street Journal reports that the cuts will come in the investment banking division of UBS. The newspaper says the bank could shed thousands of additional jobs later.

The paper says the bank could begin notifying employees of the cuts Wednesday. It quotes people involved in the process.

UBS has been grappling with a downturn in business for its investment banking division. The entire bank employs about 65,000 people.

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