More City jobs on the line under UBS austerity plans

There was a lot to unpack in UBS Group AG (NYSE:UBS)’s full-year results published on Tuesday, chiefly the Swiss bank’s absorption of former Swiss competitor Credit Suisse. As earlier reported by Proactive, this Swiss state-backed takeover resulted in a $29 billion accounting gain, which comprised some 96% of UBS’s before-tax profit. A stunning coup for UBS, even if integration costs resulted in a fourth-quarter loss of $279 million. But this near-hit bottom-line hit pales in comparison to the cost-cutting ...