any European bank and a 12 billion-franc (US$11.4 billion) first-quarter loss. Switzerland's biggest bank, which had a 3 billion-franc profit a year earlier, is set to spell out plans for layoffs when it reports detailed results Tuesday. The company will probably say it's eliminating between 2,500 and 3,000 jobs in its investment bank, more than 10 percent of the division, two people familiar with the matter said May 2. "UBS is scaling down investment banking," including reducing trading bets and giving up off-balance sheet units, said Frankfurt-based Landsbanki Kepler analyst Dirk Becker, who advises clients to "reduce" holdings of UBS. It is "realistic" to estimate that the company will fire one tenth of its 83,000 employees overall, he said.
