UBS plans to cut up to 10,000 jobs
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License (according to Flickr): Attribution License
License (according to Flickr): Attribution License
(Financial Times) -- UBS will unveil a split of its struggling investment bank next week in a move that will prompt the loss of up to 10,000 jobs across the Swiss banking group. Switzerland's biggest bank by assets will bring large parts of its fixed income trading business into a non-core unit leaving a reduced investment bank with equities trading, foreign exchange and advisory roles. The non-core operation will be headed by Carsten Kengeter, current co-head of the investment bank, and will be wound down over time, two people close to the situation said. The split will lead to another reduction in risk-weighted assets of up to SFr100bn ($107bn) and will trigger the loss of thousands of jobs in the group's back office over the next few years. The job cuts will amount to almost a sixth of the bank's workforce of 63,500 at the end of June.
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investment bank fixed income asset Swiss banking executive board This summer Financial Times wealth management financial crisis market environment support role asset management information technology New York strategy unveil large equities prompt scandal workforce Sergio exact restructuring troubled subsidiaries Andrea lender ongoing business Switzerland equity regulatory step group meetings back office two people The split all at once amountPeople:
Carsten Kengeter
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Sergio Ermotti
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Andrea Orcel
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FieldTerminology: investment bank
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Source : rss.cnn.com
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UBS plans to cut up to 10,000 jobs
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UBS will unveil a split of its struggling investment bank next week in a move that will prompt the loss of up to 10,000 jobs across the Swiss banking group.
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