UBS pre-announced a large loss and plans to cut about 8500 jobs.  Here are excerpts from the press release:

“UBS estimates that it will report a loss attributable to shareholders of almost CHF 2 billion in first quarter 2009. The loss stems from a negative contribution totaling roughly CHF 3.9 billion due to losses on previously disclosed illiquid risk positions, credit loss expenses and valuation adjustments on the last positions transferred to a fund controlled by the Swiss National Bank. The outlook for remaining risk positions has not changed materially.

Despite some initial positive signs, UBS will close the first quarter with an overall outflow of net new money. The business division Wealth Management & Swiss Bank recorded a net outflow of approximately CHF 23 billion. This outflow was mainly recorded after the announcement of the settlements with US authorities in connection with their investigations into our cross-border services for US private clients. On the other hand, Wealth Management Americas recorded a positive result, with net new money of around CHF 16 billion.

UBS seeks to realize substantial cost savings in all areas. Major job cuts are unfortunately unavoidable. UBS expects to reduce the number of its employees to about 67,500 in 2010. At the end of March 2009 UBS employed 76,200 people in over 50 countries. Some of these job cuts will be in Switzerland.”