Swiss Bank Fires 10,000 Members of Staff

A Swiss Bank called UBS is firing 16% of its staff. Which comes out to just about 10,000 people. The reason for this is because during the European financial crisis the bank lost $42 billion. This employ cut will save the bank about $7.5 billion.
One bank executive had this to say, "They will receive full pay and benefits for the next three weeks in lieu of notice."

Also, the bank does not know where all of these employees will find their next jobs and they are currently not supporting the laid off employees.