Swiss Newspaper Reports UBS to Trim up to 4,500 Jobs

December 7, 2008 by · Leave a Comment
Filed under: Global News 

As we have more deleveraging taking place, we are seeing more job cuts to reflect the current and foreseeable future amount of business.  I have been reading this kind of news coming out weekly.  Most cuts seem to be centered around investment banking, financial products and real estate.  We will see this continue well into 2009.  We still have two more waves of mortgage loan resets that will percipatate more write-downs & losses.

News:

Switzerland’s UBS could cut up to 4,500 more jobs in the near future, local media reported on Sunday.  Newspaper Sonntags Zeitung reported it was possible UBS could cut another 4,500 jobs in the next few weeks, without naming a source.

A second Swiss newspaper, Sonntag, reported 3,000 to 4,000 positions at UBS could be slashed, also without naming its source.

UBS is struggling to rebuild its once powerful brand after massive investments in risky U.S. assets forced it to make more writedowns than any other European bank and take government backing.

It has already announced about 9,000 job cuts, mostly in investment banking, to bring total headcount to under 80,000.

“In spring we announced a global headcount reduction initiative for the Investment Bank and all other business divisions and additional headcount cuts for the IB in fall,” a UBS spokeswoman said.

“These job cuts are fully underway. We do not comment on speculations regarding further headcount reductions. There are no such decisions.”

Source: Reuters

 

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