UBS Plans to Cut About 3,500 Jobs to Reduce Costs

Aug. 23 (Bloomberg) -- UBS AG, Switzerland’s biggest bank, said today it plans to cut about 3,500 jobs to help reduce annual costs by 2 billion Swiss francs ($2.5 billion). Investment banks including Zurich-based UBS and Credit Suisse Group AG are firing bankers and cutting costs as slower trading and low interest rates weigh on profitability. Caroline Hyde reports on Bloomberg Television's "Countdown." (Source: Bloomberg)