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Sergio P. Ermotti, CEO of Swiss Bank UBS speaks at a press conference in Zurich, Switzerland, on Tuesday, October 30, 2012. Swiss banking giant UBS AG is to cut as many as 10000 employees, or some 15 percent of its staff, to drastically shrink its ailing investment bank. Switzerland's biggest bank posted another big loss for the third quarter. It said Tuesday that the job cuts are part of a strategy to shore up profits. As a result, UBS said it needs to reduce its headcount to "around 54,000" by 2015, down from its current 64,000 employees in 57 countries. (KEYSTONE/Walter Bieri)