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04-21-2008, 12:38 AM #1
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Wall Street Turmoil Spreading Quickly Overseas
Wall Street Turmoil Spreading Quickly Overseas
Friday, April 18, 2008 8:29 a.m. EDT
If misery loves company, American consumers are certainly not alone.
Evidence is increasing that Wall Street’s credit turmoil is spreading abroad. It seems few countries are being spared.
Swiss banking giant UBS, for example, has been hit hard with mortgage and credit losses of $37 billion. It could cut up to 10 percent of jobs across its investment banking and trading division.
The cuts could potentially affect 2,200 UBS employees worldwide.
Meanwhile, London’s stock market is bracing for as many as 40,000 payroll cuts.
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