UBS Banking Job Cuts Set To Hit London Hard - In One Of The Biggest Banking Job Culls Since Lehman Brothers, London And New York To Be Hit Hard By 10,000 Layoffs Worldwide - By Julia Kollewe (2/11/12) PDF Print E-mail
Julia Kollewe   
Friday, 02 November 2012 09:53

Guardian, UK

Swiss banking giant UBS is cutting up to 10,000 jobs worldwide as it scales back its investment banking operations.

In one of the biggest banking job culls since Lehman Brothers, the axe will fall heavily in London and New York, where UBS's investment banking operations are based. In London, about two-thirds of its 6,500 staff work in investment banking. The rest work in wealth and asset management, which are not affected by the latest cuts.

The Zurich-based bank plans to reduce its global headcount from 64,000 to 54,000 in the next three years and said some 2,500 jobs will go in Switzerland. It declined to give further detail. It is winding down its fixed-income activities if they are no longer profitable as a result of new capital rules on riskier businesses introduced since the financial crisis. Some 2,000 front-office staff will lose their jobs, with knock-on effects on supporting roles.

A spokesman denied reports on Twitter that some staff cannot get into the London offices beside Liverpool Street station because their passes have stopped working. He said: "When people arrive they go up in a room and get told by someone from HR."

According to Bloomberg News, around 100 traders in fixed income in London are being put on special leave. They are being sent home on full pay as the consultation process for their departure begins.

The restructuring is expected to deliver savings of £3.5bn by 2015.



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Central Banks Gold War Begins! - By Jim Willie (1/11/12) PDF Print E-mail
Jim Willie   
Thursday, 01 November 2012 14:06

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Weakness Begets More Weakness - How Does The US Achieve A Sustained Recovery If “The 99%” Continues To Suffer Perpetual Decline In Real Income? - By Eric Sprott & David Baker (1/11/12) PDF Print E-mail
Eric Sprott & David Baker   
Thursday, 01 November 2012 14:04

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Disaster Area - By Marc Faber (1/11/12) PDF Print E-mail
Marc Faber   
Thursday, 01 November 2012 12:07

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How Central Bank Policy Impacts Asset Prices Parts 1 To 4 - By Tyler Durden (31/10/12) PDF Print E-mail
Tyler Durden   
Wednesday, 31 October 2012 09:17

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