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UBS, Credit Suisse Slash Jobs Amid Crisis

UBS officials plan to cut an additional 2,000 jobs in its investment bank, shrinking the division's headcount to 15,000 by yearend. Personnel reductions totaled 1,782 during the fourth quarter. One of the areas in which the bank is investing is in its wealth management business, says John Cryan, CFO of UBS. "We hired nearly 400 financial advisors in the U.S. in the fourth quarter alone. ... We'll continue to look to hire client advisors," he adds.

Credit Suisse has achieved half of its personnel

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