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UBS to cut up to 10,000 jobs: source
Reuters via Yahoo ^ | 10/26/12

Posted on 10/26/2012 7:23:42 PM PDT by advance_copy

Swiss bank UBS AG is expected to cut up to 10,000 jobs, or 16 percent of its workforce, as it contends with shrinking revenue and rising capital requirements, a source familiar with the matter said, in what would be one of the largest layoffs by a bank since the financial crisis.

Switzerland's biggest bank is expected to make the cuts across the firm globally, but the bulk of the losses are likely to occur in its hard-hit trading and investment banking areas.

The cuts will accompany a restructuring that will lop off much of UBS' massive fixed-income operations into a separate unit to be wound down over time, according to the Financial Times, which first reported the news.

That unit is expected to be led by Carsten Kengeter, a co-head of the investment bank, the paper said.

Andrea Orcel, who joined from Bank of America this year to work alongside Kengeter in restructuring the trading activities, will run the equities, fixed income, foreign exchange and advisory businesses that will remain active, the paper said.

UBS pledged last year to cut more than 5 percent of its workforce, or about 3,500 jobs. The new cuts are expected to supplement that target, the paper said.

UBS, which has more than 60,000 employees, is likely to provide details of the cutbacks when it reports its third-quarter results on October 30, the source said.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; News/Current Events; Politics/Elections
KEYWORDS: 2012; obamanomics
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1 posted on 10/26/2012 7:23:42 PM PDT by advance_copy
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To: advance_copy

A nice carpet bombing of Happy, Happy, Joy, Joy.


2 posted on 10/26/2012 7:25:36 PM PDT by Paladin2
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To: advance_copy

Darn ATMS!


3 posted on 10/26/2012 7:36:21 PM PDT by PghBaldy
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To: advance_copy

I’ve always said:

“Never trust a company that ends in BS”

UBS, CBS, PBS,...


4 posted on 10/26/2012 7:54:31 PM PDT by OrangeHoof (Our economy won't heal until one particular black man is unemployed.)
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To: advance_copy

“UBS....You and not-so-many of us...”


5 posted on 10/26/2012 7:54:41 PM PDT by bigbob
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To: advance_copy

So Howard Beale is out of a job?

6 posted on 10/26/2012 7:59:44 PM PDT by moviefan8
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To: advance_copy

Lot’s of lay-off postings today, FRiend.


7 posted on 10/26/2012 8:13:11 PM PDT by Jane Long (Soli Deo Gloria!)
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