After announcing that it would write down 4 billion Swiss francs ($3.4 billion) in losses from its fixed-income portfolio and other business lines, UBS cut 70 jobs from its structured finance group on Monday, according to market sources and press reports. The job losses were part of an overall reduction of 1,500 jobs from its fixed-income business. "After assessing the current market outlook and our business needs, we have decided to resize our mortgage-backed, asset-backed and CDO businesses in the U.S. to be more competitive in a changing environment," said Douglas Morris, a company spokesman.
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