UBS cuts 2,000 more jobs in investment arm

UBS AG is to further slim down its troubled investment bank, cutting another 2,000 jobs and closing most of its commodities business, the bank said on Friday, signaling it might want to hang on to the business.

The news comes a day after the world's biggest wealth manager said it made a small profit in the third quarter after a year of losses, suggesting it had started to turn the corner even as the credit crisis engulfs many peers.

The 2,000 job losses come on top of 4,100 investment banking positions cut in the past year. Forays by the investment bank into risky assets like US subprime mortgages have forced UBS to write down $42 billion - the most of any bank in Europe.