Swiss bank UBS: massive lay-offs after 12 billion francs loss

Swiss bank UBS, the largest European bank, considering the assets, announced that is will lay off an important number of employees, after re-evaluating its activity to a 19 billion dollars loss. The bank lost 12 billion Swiss francs in the first quarter of 2007 and announced that it will try to increase its capital by 15 billions, issuing a series of bonds, the international media informs.

USB president Marcel Ospel is under increasing pressure to resign and announced that he will not run for another mandate, Financial Times informs on Tuesday. The paper also informs that Ospel will be replaced by Peter Kurer.

The USB losses because of the American credit market crisis reached 14 billion dollars in the fourth quarter of 2007.