Top Firm Said Close To Cutting 1,900 Jobs
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We have been advised by a reliable source that the lay-offs will begin in early November, and will include 260 staff working in equities globally, together with staff in fixed income and corporate finance, in front office and support roles. A spokesperson for UBS said that the bank did not comment on market rumour.
UBS is already thought to have cut around 4,400 investment banking jobs in the last 12 months, and, like many other firms, is constantly reviewing its headcount in the light of market conditions. The cuts would represent around 10% of the current investment banking headcount total, and may be confirmed as early as UBS's shareholder meeting Thursday.
In the meantime, The Times reports that the CBI has warned that thousands more City jobs are likely to go. John Cridland, deputy director of the CBI, said: 'One year after the credit crunch first took hold, business volumes and profitability in the financial sector have taken their hardest hammering yet. Firms have become more fearful about the extent and length of the credit crunch, and they are now looking to cut more jobs and scale back investment'.
Bloomberg reports that investment banks will be downsizing in Asia too, as the demand for derivative products and stock sales dampens in the region in the midst of the financial markets turmoil. The smart money is not relying on a pick up in business until at least the tail-end of next year.
Sad to report the death of Frank McGarahan, the 45-year-old Chief Operating Officer over at Barclays Wealth.
McGarahan is said to have been fatally injured on Sunday, when he came to the aid of two people who were being assaulted in Norwich. He was admitted to hospital with head injuries, but died on Monday.
A spokesperson for Barclays said: 'We are shocked and saddened at the loss of a valued colleague and friend'. McGarahan had worked at Barclays for 10 years. Police are said to be studying CCTV footage and following up several lines of inquiry.
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