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Swiss bank UBS reveals massive layoffs, losses over third quarter

GENEVA--Swiss banking giant UBS AG announced massive layoffs Tuesday along with huge losses in its third-quarter results, saying it aims to trim as many as 10,000 employees to drastically shrink its ailing investment bank.

Switzerland's biggest bank said that as part of the cost-cutting drive it “is likely to have a headcount of around 54,000” by 2015, down from its current 64,000 employees among 57 countries.

The bank posted a net profit loss of 2.17 billion Swiss francs (US$2.31 billion), compared with a profit of 1.02 billion Swiss francs (US$1.13 billion) during the same three-month period through September 2011.

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