Shares in Swiss banking giant UBS rose on Monday a day before management was due to announce another 2,500 job cuts and outline its strategy to investors, according to a Swiss newspaper. At 9.54 am (0854 GMT), the stock was up 2.28 percent at 17.49 francs, outperforming the Swiss Market Index, which was up 0.70 percent. UBS will hold its investors' day in Zurich on Tuesday, when its chief executive Oswald Gruebel is expected to outline his vision for the bank.
The Swiss newspaper Sonntag reported on Sunday that Gruebel could also announce that the bank would slash 2,500 more jobs on top of the 8,700 job cuts which it had already announced in April.