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October 3, 2008

UBS cutting 2,000 more jobs to focus on core

By Spear's

UBS is to cut a further 2,000 jobs as part of a reorganisation of its investment banking business.

UBS is to cut a further 2,000 jobs as part of a reorganisation of its investment banking business, which will re-prioritise and downsize its business portfolio to focus on core strengths in equities, fixed income, currency and commodities, according to a statement from the bank.

“The ongoing crisis in the financial markets and dramatically changed industry dynamics require us to recalibrate our business. While the revenue outlook is uncertain, these measures will allow us to focus on our strengths, reduce the cost base to a more sustainable level and position our core businesses for growth once fundamentals improve,’ said Jerker Johansson, chairman and CEO of UBS Investment Bank.

For further details visit thewealthnet

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