Swiss bank UBS to cut 8,700 jobs

Switzerland's biggest bank, UBS, has said it will seek to cut costs by shedding 8,700 jobs by next year.

The news came as the bank announced it had lost about 2bn Swiss francs (US$1.75bn) in the first three months of 2009.

UBS has been one of the biggest banks hit by exposure to the sub-prime loans crisis in the US and ensuing turmoil.

- AGENCIES