BGN Entrepreneur

The Swiss group–UBS, which is among the banks hit the hardest by the financial crisis, announced that it would eliminate SFr1.5bn- SFr2.0bn in costs over the next 3 years and was likely to charge for “significant restructuring” in the coming months.
Facing a weaker-than-expected economic recovery and a more regulated environment for banking groups, UBS is far from alon. A number of banks currently cutting operational costs and shrinking the scope of business to adjust to ever changed situation.
Chief executive of the bank–Oswald Grübel also confirmed that the bank would scale back its medium-term pre-tax profit target of SFr15bn, which is long taken as unrealistic by many analysts.

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