Top Firm To Cut 8,700 More Jobs
More in BUSINESS NEWS
back-up- Bank Of America CEO Tells Employees 'Protect Our Company'
- More On Compensation - BofA, Goldman, UBS
- Goldman Responds To 'Contradictory' Theories 'That Don't Stand Up'
- HPP Latest - A Recipe For Disaster
- 329,391 - Here Is The City Hits New Readership High
- Message To Credit Suisse & UBS Employees
- Hudson - Featured Recruiter of the Month
- Recruitment Firms We Like
- Lab49 - Featured Employer of the Month
- Latest Football News & Views
- The Banker & The African Queen - Chapter 6
- Executive Compensation - See What Your Boss Got (Updated)
- Best Place To Work Semi-Finals - Voting Update
- John Thain's Back! / 'UBS Was A Catastrophe'
- Blankfein 9 Dimon 16
- BofA Board Thought They Were Buying Lehman!
- 'Save Dave' - The Movie
- Banker Jailed For 5 Years Seeks $18m For Discrimination / Bullying
- 'PIGS' Or 'PIIGS' - That Is The Question
- Goldman's Official Postion On Financial Reform
- 'Save Dave' - The 'Scandal' Where There Were No Real Losers
- Compensation Round Up - Who's Getting What (Updated)
- Well Done Macquarie - Dave Saved
- Macquarie 'Save Dave' Decision In Tune With Public's View
- Click Here To Register For Free News E-Mail Alerts
- Save Dave - He Should Have Gone To Specsavers
- US Lawmakers Seek Bonus Tax For TARP Recipient Bankers
- BofA Sued For Alleged Misconduct During Time Of National Crisis
- Deutsche CEO Outlines Bank's New Comp Philosophy
- 'Strewth, Mate - It Was Only A Sheila In A Keeney!'
- 'In Australia, We Believe A Bloke Deserves A Fair Go'
- Top Firm To Lure Bankers With Cash Bonus Offering
- 'Save Dave' Campaign Goes Global As Macquarie Investigates 'Set-Up'
- Help Save Macquarie Banker's Job - Join Our Campaign
- 'Save Dave' - Your Comments
- Hedge Fund Manager Banned For Massaging Figures
- Oops - Naughty Trader Caught Red-Handed On Live TV
- And The Big Bonus Bankers This Year Work At......
- Top Firm CEOs Said To Be Playing Bonus 'Chicken'
- Best Place To Work Quarter Final Results
- Hank Paulson - 'I Am Really Scared'
- Top Firm Said To Be Adding 2,000 Brokers
- Top 'Life' Stories - January
- Goldman Fury At $100m Bonus Story
- 'Kill All The Bankers'
- 48,000 City Staff Lost Their Jobs During Downturn
- Trader Says He's Been Made Scapegoat As Firm Wants $5m Bonuses Back
- Compensation & Other News
- 'On The Brink' - By Hank Paulson
- Wall Street 2 - 'Money Never Sleeps' Trailer
Related Content
- Top Firm Said Planning To Cut Cash Component Of Bonuses To 5% - 25% (14/01/2010)
- Another Top Firm Said To Cut London Based Staff Bonuses (22/01/2010)
- Top Firm Says Record Bonuses For Top Performers (08/01/2010)
- Redundancy Looms At Top Firm (17/01/2010)
- Top Firm To Unveil Turnaround Strategy (16/11/2009)
- Top Firm Told To Give Up Bonuses (17/11/2009)
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.
