UBS to cut 10,000 jobs after quarterly loss The Swiss bank UBS announced plans to eliminate up to 10,000 jobs and cut costs in a major overhaul that dragged down earnings. In the latest quarter, UBS posted a loss of 2.2 billion Swiss francs ($2.3 billion) for the three months ended Sept. 30, citing restructuring costs and charges connected to its own debt. The bank recorded a net profit of 1 billion francs in the period a year earlier. Like many European banks, UBS is dealing with the fallout from the sovereign debt crisis and the sluggish European economy.
Marchionne: Jeeps will be made in USA Chrysler Group Chief Executive Sergio Marchionne reiterated that Jeep sport-utility vehicle production will stay in the U.S. after presidential candidate Mitt Romney suggested output may move to China. "Jeep production will not be moved from the United States to China," Marchionne wrote in a letter to Chrysler's employees. "Jeep assembly lines will remain in operation in the United States and will constitute the backbone of the brand. It is inaccurate to suggest anything different." Romney told a crowd a crowd in Defiance, Ohio, last week that he saw an unidentified story that said Jeep was "thinking of moving all production to China."
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