FILE - In this April 20, 2011 file picture the logo of UBS bank is photographed at a branch in Zurich, Switzerland. Swiss bank UBS AG said Tuesday Aug. 23, 2011 it is cutting 3,500 jobs worldwide as ... more 
FILE - In this April 20, 2011 file picture the logo of UBS bank is photographed at a branch in Zurich, Switzerland. Swiss bank UBS AG said Tuesday Aug. 23, 2011 it is cutting 3,500 jobs worldwide as part of an effort to save 2 billion Swiss francs (US $ 2.5 billion) annually by the end of 2013. The Zurich-based bank said the cuts would be achieved "through redundancies as well as natural attrition." UBS had announced plans for a headcount reduction last month, without specifying exact numbers, after acknowledging that it wouldn't achieve the target it set for itself in 2009 for a pretax profit of 15 billion francs a year by 2014. (AP Photo/Keystone/Alessandro Della Bella,File) - GERMANY OUT - AUSTRIA OUT - less 
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Associated Press | Photo By Keystone/Alessandro Della Bella,File
Tue, Aug 23, 2011 5:20 AM EDT