Why the U.S. is going to lose a trillion dollars this year, by 2020
- by admin
It was the first time a major U.K. financial company announced it was planning to cut jobs, cut its dividend and cut its cash flow as a result of the global financial crisis.
But as the British pound plunged against the dollar and other currencies, the announcement from UBS Group AG and its peers seemed to be in danger of being overshadowed by a bigger economic story.
UBS is one of the world’s largest financial services firms, with more than 1,000 offices around the world.
But its fortunes have been hit by global economic turmoil, as well as the recession that followed the global economic meltdown.
The global financial meltdown was sparked by a massive bubble in the UBS money market fund that blew up in 2007, and the ensuing global economic downturn caused a steep drop in the value of the UB money market funds.
The UBS fund collapsed in September 2008 and its value plunged as much as 40% in less than a year.
As a result, the fund lost over $500 billion.
Since then, the UBB funds’ value has plummeted, and UBS has been forced to cut more than 2,000 jobs.
In September this year alone, UBS said it had lost nearly $200 billion.
It is expected that UBS will cut 5,000 positions as a direct result of this financial crisis, which is set to hit the British economy hard this year.
In the meantime, Britain’s economy will see a sharp contraction this year of around 5% as a percentage of gross domestic product.
U.N. experts say the economic damage caused by the financial crisis will hit Britain hardest.
UBL, the United Kingdom’s largest company, also cut 2,500 jobs in October and November.
The government has cut funding for social services, such as child care, and unemployment benefits have also been cut.
Ubl said the economic impact of the crisis would be felt in all sectors of the economy, including education, health, transport, housing, consumer goods and finance.
“While the recession has been extremely severe, the damage has been so severe that the economy is already being impacted in many ways,” the company said in a statement.
“There is a risk that the downturn will be more severe this year and could be a long-term drag on the economy.”
It was the first time a major U.K. financial company announced it was planning to cut jobs, cut its dividend…