Swiss bank to cut jobs

Switzerland\'s biggest bank, UBS, said it will cut 8, 700 jobs by next year in a bid to save money.



UBS has reportedly lost about 2 billion Swiss francs or 1.2 billion pounds in the first quarter of 2009.



UBS has been one of the biggest banks hit by exposure to the sub-prime loans crisis in the US.



The bank, which is also being investigated by the US authorities over alleged fraud and tax evasion involving US citizens, said major job cuts are unavoidable.