UBS to cut over 5,000 jobs - papers 6 May

The Swiss banking giant said this morning that conditions in financial markets “remain difficult” as it unveiled an SwFr 11.55bn (£5.55bn) first quarter loss, compared with a net profit of just over SwFr 3bn (£1.4bn) in the first quarter of 2007. UBS also confirmed that it is to sell $20bn worth of subprime debt to fund manager BlackRock. The mortgage debt, which is being sold for $15bn or a 25% discount, will be placed in a new BlackRock fund and marketed to investors. THE ASSOCIATION OF British Insurers is to review executive pay structures at Britain's banks following concerns raise...