UBS cuts 10,000 jobs in restructuring

City A.M. Reporter
Swiss bank UBS today said it would cut its headcount by 10,000 in a winding-down of its fixed income business.

The move will refocus the firm around its private and investment bank.

The headcount will drop to around 54,000 in 2015, from around 64,000 today.

The cuts are aimed at saving the bank around CHF3.4bn.

Chief executive Sergio P Ermotti said this morning: “This decision has been a difficult one, particularly in a business such as ours that is all about its people.

“Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect. Throughout the process we will ensure that our people will be supported and treated with care.”