[ by Melanie Gretchen ]

The Swiss are not taking the stagnant economy well.

News of job cuts by 2 major Swiss banks are making the rounds ahead of the release of their Q2 results at the end of the month.  UBS will cut 3,000-5,000 jobs as part of cost-saving measures to offset falling profit, Der Sonntag newspaper reported.  Its rival Swiss bank Credit Suisse may announce 1,000-2,000 cuts.

Who's on the Chopping Block.

UBS:

• 900 jobs in information technology
• 2,000-4,000 layoffs in its investment bank and other central functions, Der Sonntag said.

Credit Suisse:

• 3,500 positions, decreasing its total staff numbers by 1,500 from the end of 2011 to 48,200 at the end of June, to cut an extra 1 billion Swiss francs ($1.3 billion) cost cuts at its second-quarter results after reaching a previous target to slash spending by 2 bullion francs early

For further details, go to [Reuters, 10/21/12].