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More Bank Sector Gloom Punctures Revival Hopes

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April 15, 2009 – Comments (0) | RELATED TICKERS: UBS

ZURICH--Tentative hopes that the world economic crisis was easing took a new hit on Wednesday when Switzerland's largest bank UBS said it would cut 11% of its staff and posted a quarterly loss of $1.7 billion.

The UBS announcement pushed down banking shares globally, puncturing positive sentiment from a day earlier after Goldman Sachs posted a surprisingly good first-quarter profit.

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