Zurich  - Swiss banking group UBS reported Tuesday it lost 11.53 billion francs (10.96 billion dollars) in the first quarter of 2008, as the bank felt the effects of the international financial market turbulence.

The red-ink figure compares with net income of 3.28 billon francs in the first quarter the year before.

Zurich-based UBS said that it expected 2008 to continue to be problematic. In an immediate measure, the bank said it planned to slash 2,600 jobs in its investment banking operations. (dpa)