UBS cuts 4,000 jobs as it merges with Credit Suisse

UBS reported Tuesday a $255 million pretax loss as the giant Swiss bank shed some 4,000 jobs globally, cut costs faster than expected, and reaped billions in asset inflows in the third quarter while moving forward with its government-orchestrated merger with rival Credit Suisse. The Zurich-based bank said underlying profit before taxes came in at $884 million in the first full quarter since the merger was completed in June. Government authorities in Bern shepherded through the deal with bank chiefs to stave off a collapse of Credit Suisse and avert a financial crisis. UBS, which is striving to get rid of overlap between the two former rival banks, said underlying operating expenses of $1.2 billion in noncore, legacy operation stemmed from efforts to reduce headcount and outsourcing costs.