Zurich - The Swiss banking giant UBS said Wednesday it will take a first-quarter loss of almost 2 billion Swiss francs (1.7 billion dollars) and will cut 8,700 jobs worldwide by 2010.
"Unfortunately I am not able, as yet, to offer you any good news," Oswald Grubel, chief executive officer of the UBS Group, told shareholders at the annual meeting while pledging to return to profitability.
The crisis, he said, "was not over," and would likely lead UBS to being a smaller bank. Previously at the UBS rival Credit Suisse, Grubel took over his role in February.