Switzerland's largest bank, UBS, announced on Tuesday that it would cut 240 jobs in the Asia-Pacific region to save costs.

This represents about 3 percent of the bank's total staff in the region, a UBS spokesperson was quoted by the Swiss info news website as saying.

UBS has already shed 11,000 jobs and suffered more than US$50 billion in write-downs and losses since the beginning of the financial crisis.

(Xinhua News Agency April 15, 2009)