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Swiss Bank Cuts Jobs as Global Unemployment Soars

Unemployment is soaring around the world, as companies slash more jobs amid the global economic meltdown.

Switzerland's biggest bank, UBS AG, said Wednesday it is eliminating 8,700 jobs worldwide to cut costs. The bank announced the cuts after posting a quarterly loss of $1.7 billion.

In Istanbul, the Turkish Statistical Institute reported 3.65 million people are out of work in Turkey. The country's unemployment rate stands at 15.5 percent.

South Korea's unemployment rate climbed to four percent in March, its highest level in about three years.

The United States also is suffering job losses. ArcelorMittal SA, the world's largest steel maker, says it will lay off about 400 workers at one of its midwestern plants.

The credit card company Discover Financial Services said it plans to cut 500 jobs next month, or four percent of its work force.

The U.S.-based Internet search provider Yahoo also is preparing a new round of layoffs as it struggles with declining advertising revenues and increased competition.

The U.S. unemployment rate is 8.5 percent, and the Treasury Secretary Timothy Geithner has warned it may climb.