LONDON, a worsening debt crisis, hit the banking industry in the Euro Zone. UBS AG’s decision to reduce 3500 employees two days ago, causing the total workers laid off by the banks in Europe reached 40,000 people over the past month.
UBS AG, Switzerland’s largest bank, on Tuesday (8/23/2011) announced the termination of employment (layoff) employees around 5 percent. Most come from investment banking division. UBS following in the footsteps of banks in other European, which had
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