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  1. Wealth
May 6, 2009

UBS to cut 4,000 jobs from Wealth Management

By Spear's

UBS has made more specific announcements surrounding the planned 8,700 job cuts for this year it first announced back at its April AGM.

UBS has made more specific announcements surrounding the planned 8,700 job cuts for this year it first announced back at its April AGM.

Chief executive Oswald Greueber said back in April that the bank needed to make cost savings of between SWFr 3.5 to 4 billion this year, with total staff numbers reduced to 67,500 from 76,200 currently.

In a conference call following the announcement of its first quarter results this morning, chief financial officer John Cryan said the bank plans to cut 4,000 jobs within its Wealth Management and Swiss bank division, as well as 2,500 from the Wealth Management Americas and investment bank divisions. The asset management division will shed a further 500 jobs, as will the corporate centre, he said.

For further details, visit thewealthnet

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