UBS said to continue job purge

UBS AG may eliminate up to 4,500 more jobs in the near future, on top of the 9,000 positions already slashed in the last year and a half, according to reports published in two Swiss newspapers over the weekend.

UBS AG may eliminate up to 4,500 more jobs in the near future, on top of the 9,000 positions already slashed in the last year and a half, according to reports published in two Swiss newspapers over the weekend.

The Zurich, Switzerland-based bank reported its first quarterly profit in four quarters last month but also incurred $4.4 billion of write-downs, largely in U.S. mortgage-backed assets (InvestmentNews, Nov. 4).

“In the spring we announced a global head-count reduction initiative for the investment bank and all other business divisions and additional head-count cuts for the IB in the fall,” UBS spokesman Kris Kagel wrote in an e-mail.
“These job cuts are fully under way. We do not comment on speculations regarding further head-count reductions. There are no such decisions.”

In August, UBS announced plans to separate its investment banking, global asset management and wealth management units (InvestmentNews, Aug. 12).