UBS boss: Costs will need to be managed more tightly

Unhappy Face

Costs to be controlled 'more efficiently'.

Bloomberg News reports that UBS will need to manage costs more tightly after the Swiss franc jumped against most currencies, Chairman Axel Weber said.

'We are going to have to control costs even more efficiently', Weber said at a conference in Liechtenstein on Thursday, referring to the Swiss central bank’s decision to abolish its franc cap of 1.20 versus the euro.

UBS said on January 23rd its trading businesses didn’t suffer an overall loss in the market turmoil that erupted after the Swiss National Bank’s surprise decision prompted the franc to surge as much as 41% against the euro.

Hit the link below to access the complete Bloomberg article:

UBS Needs to Control Costs Better Amid Franc Surge, Weber Says

CIBC Said to Cut About 500 Jobs to Boost Operating Efficiency


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