Switzerland based bank, UBS AG, is set to cut its workforce by 16% according to a source. UBS currently employs about 60,000 people around the world. This is set to be one of the biggest blows in the banking industry’s history. Click below for more info.

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The bank, which has more than 60,000 employees, is likely to provide details of the cutbacks when it reports its third-quarter results on October 30, the source said.

UBS has been steadily battered since the financial crisis, with billions of dollars in trading losses, management mishaps and scandals.

The Swiss bank has been withdrawing from the riskier and more capital-intensive parts of its business to meet tighter capital rules and a dearth of deals affecting the securities industry globally.