Top Firm To Cut 8,700 More Jobs
More in BUSINESS NEWS
back-up- Meet Goldman Sachs' Newest Managing Directors
- Geithner On Financial Regulatory Reform
- Free Job Postings Until 31.03.2010
- Bank Tells Staff To Knock Off Early To Make Babies
- 'Do I Seem Like A Guy Who Throws Chairs ?'
- Best Place To Work Update
- Office Humour - Warning, Some May Find This Offensive
- City Bankers Prepare For Disaster Scenario
- John Thain Defends Wall Street Bonuses
- Click Here To Register For Free News E-Mail Alerts
- Lazard Names New CEO
- Top Firm Told To Give Up Bonuses
- Government Accused Of Botching Major Bailout
- UBS Reveals Its Hand
- The Dash For Trash
- Too Big To Fail
- 'Sorry - But Christmas Is Cancelled'
- Regulator To Have Power To Tear Up Banker Pay Contracts
- IT Programmers Accused Of Being Madoff Accomplices
- Cityboy On Corporate Social Responsibility
- Top Firm To Unveil Turnaround Strategy
- The Obvious Candidate To Succeed Ken Lewis Is Ken Lewis
- Quit The UK To Avoid Higher Taxes - Poll Results
- Bankers Forced To Take Second Jobs To Make Ends Meet
- Goldman Kitten Payments Go A Stray
- More Compensation News
- Best Place To Work 2010 - Vote Now
- Banker Eye Test
- Goldman Sachs - View From The Top
- The Lloyd's Prayer
- Exec Claims Hedge Fund Boss Hired Hit Man To Kill Her
- $125m-A-Year Banker's Wife Says She Was Treated Like 'Mail-Order Bride'
- 'The Sell Out'
- 'Many Of You Have Seen Life Savings Vanish'
- Tough Times For Expenses - £5 For Lunch
- Tragic Banker Rehearsed Suicide Before Killing Himself
- Bear Stearns Fraud Case - The Verdict
- Even More Compensation News
- CEO Says That History Will Vindicate Him
- Traders Desperate To Get 'The Clap'
- Reservoir Gods
- Who Was Mr Angry During The Financial Crisis ?
- JPMorgan Chase Compensation Letter
- Regulator Warns - 'Yes, That Does Mean People Go To Jail'
- Brokers Complain Of Bailed-Out Banks Bullying Tactics
- Best Place To Work - Previous Winners
- Best Place To Work 2009 Results - The Top 100 Firms
- CEO Says He Could Top Himself & People Would Cheer
- Top Firm Hires 78-Yr-Old / Ex-Boss Says 'Sorry' For Citigroup
- Top Firm Said To Be At Loggerheads
Related Content
- Top Firm Said To Be At Loggerheads (09/11/2009)
- Top Firm Said To Have Got Its Timing Wrong (Again) (26/08/2009)
- Mass Defection At Once-Top Firm (13/10/2009)
- Top Firm Said To Have Scored Own Goal (19/10/2009)
- Top Firm Chain Letter (05/11/2009)
- Top Firm Boss Says 'Our Reputation Is Still Damaged' (09/09/2009)
The bank has said that the cuts will come in all geographies, but predominantly in the US (where most of the firm's staff work), and Switzerland, where 2,500 positions will go. And although the cuts are expected to include additional job losses over at the investment banking division, largescale lay-offs there are thought unlikely, as headcount at the unit has already fallen from a Q3 07 peak of 22,666 to 16,500 as at the end of March 09. The bulk of the cuts are likely to come in the bank's wealth management businesses, with middle management positions thought to be the most vulnerable. Cuts in client-facing roles, however, are likely to be kept to a minimum.
More clarity around the nature of the job cuts will come on May 5th, when UBS announces its first-quarter earnings. The bank has already said that it expects to post a $1.74bn loss. UBS is also making large cutbacks in marketing, sponsorships and the use of external consultants, as it bids to rein in costs. The firm has also signalled that it will be reviewing employee benefits, particularly for management staff.
Grubel told shareholders Wednesday that 'it will be a long road back to success - without any quick fixes'.
A UBS insider told Here Is The City: 'Although today's news is not good, it was expected. Many of us, however, do take some comfort from Grubel's approach - he is open and honest and a good communicator. What you see is what you get with him. We feel we have the right leader, at the right time, to get us out of this mess'.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
