Reuters: UBS axes 5,500 jobs as it sells down subprime

[chris]

UBS axes 5,500 jobs as it sells down subprime
      

ZURICH (Reuters) - UBS  axed 5,500 jobs and sold billions of dollars of ailing assets on Tuesday in a bid to break free from the subprime crisis, but its shares dropped as investors feared its earning power might be permanently stunted.
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