UBS slashes business in turnaround bid
GENEVA (AP) — Scarred by scandals and losses, Swiss bank UBS unveiled Tuesday a plan to overhaul its global operations that will see it cut thousands of jobs as it drops risky trading activities and restructures its investment banking unit.
Switzerland's biggest bank has for years been trying to reshape its business and clean up its image as it tries to recover from a damaging U.S. tax evasion dispute, a scandal over unauthorized trades and a slew of bad investments.
Tuesday's plan represented a sudden acceleration in this turnaround effort.
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