UBS AG plans to cut another 7,500 jobs, bringing total staff reductions to almost 20% of its work force amid mounting losses and customer defections.

The Swiss banking company remains in a "precarious situation" after clients withdrew $20.1 billion from the main wealth management unit and the company reported a first-quarter net loss of $1.76 billion, chairman Peter Kurer, who stepped down Wednesday, told shareholders at the annual meeting.

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