UBS to slash 3,500 jobs UBS AG said it will cut 3,500 jobs worldwide to help save $2.5 billion annually by the end of 2013.
The Zurich bank said the cuts would be achieved “through redundancies as well as natural attrition,” the Associated Press reported. Almost 1,600 of the jobs will be trimmed from the bank’s investment bank unit. Another 1,200 cuts will be in UBS’ wealth management and Swiss banking business, and some 700 will be split between the bank’s global asset management and wealth management Americas units.
A UBS spokesman declined to say geographically where cuts will be made.
UBS has 65,000 employees in more than 50 countries.
59 local firms make fastest-growing list
This year’s Inc. 500 list of the fastest-growing private companies in America includes 59 businesses in D.C., Maryland and Virginia dominated by firms offering information technology and government services. Forty-eight of the 59 companies are in the Washington area.
Maryland’s Greenspring Energy ranked highest among all regional companies, coming in at No. 15 with revenue of $10.5 million and growing 8,730 percent during the last three years.
The rankings are based on a three-year revenue growth rate, from 2007-2010. Topping the list was Ideeli, a New York retailer with revenue of $77.7 million, a 40,882 percent increase.
Mars breaks ground on M&Ms plant
McLean-based Mars Inc.’s North American candy division broke ground Tuesday on its first new U.S. manufacturing plant in 35 years.
The $250 million facility, in Topeka, Kan., will make M&M’s and Snickers bars and initially will create 200 full-time jobs when it opens in 2013.
Mars plans to expand the plant in the future.
