UBS Reports $700-Million Quarterly Loss, Job Cuts

from National Public Radio

Swiss banking giant UBS, the world's largest wealth manager, reveals a loss of almost $700 million in the third quarter. That makes UBS one of the highest-profile victims of the crisis in the global credit markets. UBS also announced it is cutting 1,500 jobs and sweeping out two senior managers.

Broadcast Dates

• Morning Edition, October 1, 2007