According to an article in the Star-Telegram, Swiss bank UBS will implement 8,700 job losses in the US and Switzerland, to offset record losses in their business.

The article said:

Troubled Swiss banking giant UBS AG said Wednesday that it will slash its global work force of 76,200 people by more than 10 percent as part of across-the-board cost cutting to return to profit after racking up billion dollar losses for yet another quarter.

Although UBS did not give specifics, their spokesman Serge Steiner stated that U.S. workers would bear the brunt of job losses because the country is a major center of UBS operations. Clearly 38 percent of the bank’s workforce is located in the Western Hemisphere and the job losses would be in addition to the 1,600 job losses already implemented in the last quarter of 2008.

But UBS is not the only bank facing troubled times, many other banking institutions around the country (and world) are implementing job losses as they desperately try to balance their books. Heavily invested in bad loans many banks are sinking fast and in their attempts to stave off bankruptcy, it’s the average worker who is facing job losses. Be prepared. These job losses can have a domino affect on your personal financial picture. Job losses are massive and unemployment is turning out to be long-term for many Americans. Do not allow yourself to be caught by surprise with a job loss. If you are struggling with debt, you need to consider bankruptcy as an option before the job loss comes. Don’t delay.