UBS AG (UBSN) plans to cut costs by 1 billion Swiss francs a year, threatening some 5,000 jobs, Tages- Anzeiger reported on its website today, citing unidentified “insiders.” UBS spokesman Peter Hartmeier declined to comment, according to the Swiss newspaper.
EQUITIES: *Partners Group Holding said assets under management rose 6.5% to 22.8 billion euros as at June 30 *Aryzta’s U.K. subsidiary Origin Enterprises completed the acquisition of Carrs Milling Industries
ECONOMY: *SNB Vice President Thomas Jordan said policy makers are “very concerned” about recent currency developments after the franc appreciated to a record against the euro
MARKETS: *The SMI rose 0.2 percent to 6,025.23 *The SPI climbed 0.2 percent to 5,540.46 *The Stoxx Europe 600 Index increased 0.7 percent to 269.94 *The MSCI Asia-Pacific Index slipped 0.4 percent to 135.64 at 7:29 a.m. Zurich time *Euro-franc traded at 1.1532 at 7:30 a.m. Zurich time
To contact the reporter on this story: Leigh Baldwin in Zurich firstname.lastname@example.org
To contact the editor responsible for this story: Matthias Wabl at email@example.com