Top Firm To Cut 8,700 More Jobs
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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'.
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