UBS swinging ax amid $29B profit

Swiss banking giant UBS on Thursday announced plans to save $10 billion in costs, including through 3,000 staff reductions in Switzerland in the coming years, as it moves ahead with “full integration” of longtime rival Credit Suisse’s domestic operations.

The announcement came as the Zurich-based bank reported a record $29 billion in net profit in the second quarter. UBS shares jumped 6% on the SIX Swiss stock exchange.