Swiss Bank announced Friday that it plans to cut 2,000 jobs. The majority of the job cuts will come from the U.S. The investment banking unit has led to UBS having record massive losses and write downs totaling 45 billion this year.

UBS AG reported Thursday that it expects to report a profit in its third quarter. The news sets a positive sentiment that a dismal year of U.S. sub-prime losses may be close to an end. UBS is Switzerland's largest bank, and has been one of the hardest European banks hit by the U.S. mortgage crises.

Following other investment banks, UBS has agreed to buy back $18.6B in auction-rate securities it sold to its clients. The news comes just one day after Citigroup agreed to settle its auction rate securities case for $7 billion.

UBS AG, the largest wealth manager in the world, announced Thursday that it would end its offshore-banking services to U.S. clients. The news comes just after the U.S. Senate committee announced a large investigations of tax evasion through offshore bank accounts.

UBS AG, the largest European bank to be impacted by the U.S. credit crisis, dropped nearly 3.7 percent in Swiss trading Monday, after the company reported that the bank may need to write down more mortgage losses. The bank is currently seeking to rebuild capital after nearly $38 billion in write downs. UBS still has nearly $45 billion in U.S. mortgage related assets.

Investment bank UBS may cut up to 10 percent of its workforce due to mounting losses related to mortgage and related lending. The bank released a $19 billion write-down earlier this month in addition to the $18 billion in write downs from last year. UBS officially stated that it would need to "adjust staffing levels" and would release official job cut numbers in May.

UBS plans to continue to make its restructuring plan, integrating its three businesses of wealth management, asset management, and investment banking into one, top priority despite massive write-downs. Board member Peter Kurer stated, that writedowns for the company have already been so bad that things cannot possibly be large as before.

UBS announced Monday, that it will write down an additional $10 billion in losses due to its subprime lending market. UBS also issued a warning stating the company would post a loss for the fourth quarter, and issue a loss for the full year as well.

UBS AG reported a loss of $0.18 cents per share; their first loss in five years after large writeoffs related to subprime investments. UBS said, they expect post profitable earnings next quarter. The bank wrote off 4.2 billion Swiss francs ($3.6 billion) and is the second large global bank to report a Q3 loss for the quarter.