UBS plans to eliminate 2,000 jobs

UBS AG, Switzerland's largest bank, plans to eliminate an additional 2,000 jobs at its securities unit and expects to be profitable in 2009, after posting a record loss last year.

UBS rose as much as 7.1 percent in Swiss trading after saying its wealth and asset management businesses recorded net increases in client investments in January, following larger-than-estimated withdrawals in the fourth quarter.

Chief Executive Officer Marcel Rohner said UBS will return to profitability after getting a lifeline from the Swiss government to split off toxic assets. The world's largest manager of money for the wealthy is scaling back risk at the securities unit and seeking to stem defections by rich clients after posting a fourth-quarter loss of 8.1 billion Swiss francs ($6.9 billion).