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Investment bankers suffer as UBS sheds 3,500 staff

Guardian – Swiss banking firm UBS has become the latest bank to cut thousands of jobs around the world, although Britain will escape the brunt of the cuts.

Zürich-based UBS, which employs 65,000 people worldwide, said on Tuesday it was cutting 3,500 jobs, with the investment banking and wealth management divisions bearing the burden. The cuts were less than the 5,000 initially feared when the bank hinted at reductions last month.

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