Swiss bank UBS cuts 10,000 staff worldwide

Swiss bank UBS has announced it is cutting 10,000 jobs worldwide as it slims down its investment banking activities.

The jobs will go over the next three years, and amount to 16% of its current workforce of 64,000.

UBS lost 39bn Swiss francs (£26bn; $42bn) during the financial crisis and had to be bailed out by the Swiss authorities. The cuts are aimed at saving 3.4bn Swiss francs.

Jeremy Howell reports.