UBS tightens investment banking belt as earnings slide continues

ZURICH (Reuters) - Swiss bank UBS is axing high-paying investment banking staff after a disappointing performance at the division prompted a 16% slide in third-quarter net profit and put the group's 2019 profit goals further out of reach.Chief Executive Sergio Ermotti, credited for rapidly turning UBS around after the financial crisis, announced a further $90 million in expected annual cost savings at the investment bank on Tuesday, following a prolonged performance dip which Ermotti described..