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The Boston Globe


UBS will cut as many as 10,000 jobs to ease costs

Investment banking operations to shrink in risk-reduction effort

LONDON — The Swiss bank UBS announced plans Tuesday to eliminate up to 10,000 jobs and cut costs in a major overhaul.

UBS posted a loss of $2.3 billion for the three months ended Sept. 30, citing restructuring costs and charges connected to its debt. The bank recorded a profit a year earlier.

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