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First machine - Shareholders
Second machine - Redundancies
With former German central bank director Axel Weber at its head, Union Bank of Switzerland (UBS) has launched a drastic restructuring plan which will see approximately 10,000 jobs scrapped worldwide by 2015, including 2,500 in Switzerland. UBS is seeking to reduce its investment activities and focus on retail banking, which will also lead to more job losses for the City of London.
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