UBS shares boosted by talk of 10,000 job cuts

Fabrice Coffrini/AFP/Getty Images

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

Shares in UBS have risen to their highest level since March after reports that the Swiss bank is about to announce massive layoffs.

Several media reports over the weekend had put the number of job cuts as high as 10,000 as UBS seeks to drastically reduce the size of its ailing investment bank.

The bank says it currently has over 64,000 employees in 57 countries.

Chief executive Sergio Ermotti has repeatedly declared his intention to shrink the investment unit, which has been hit by a series of costly blunders in recent years.

The value of the UBS's stock rose 7.3 percent to close at 13.12 Swiss francs Monday on the Zurich exchange.

The bank refused to comment on possible layoffs ahead of the release of its third-quarter results Tuesday.

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