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UBS to cut 11% of global workforce


The figures, worse than market expectations, punctured growing optimism about a recovery in global banking stocks after this week’s better results than forecast from Goldman Sachs, and reminded investors of the considerable risks still confronting big banks in the credit crisis.

The negative net new money came in spite of signs that UBS had staunched the massive outflows of 2008 triggered by concerns about the bank’s future and the impact of a damaging investigation by the US authorities into allegations that some private bankers had helped rich American clients evade taxes.

The bank also announced that it had now clawed back about SFr80m in bonuses from former senior executives – some SFr13m more than previously revealed – though no details were given for which executives had been affected.

puncture 〈タイヤなどを〉パンクさせる

staunch 〈人が〉しっかりした,当てになる,信頼できる

allegation (十分な証拠のない)申し立て; 主張

claw (苦労して)〈…を〉取り戻す

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