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Ermotti unleashes part two of his vision for UBS

Sergio Ermotti, CEO of UBS, on Tuesday announced the second wave of his restructuring of the firm's investment bank, laying out plans to reduce staffing by 10,000 by 2015 by exiting businesses that were no longer economical. <br> Those businesses are mostly contained to elements of the fixed income franchise, and include the prestige SSA business. The investment bank has taken a Sfr3bn hit in the third quarter results, largely as a result of the restructuring.

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