Top Firm To Hire, But Headcount To Fall
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The bank's top executives said in a letter to shareholders that 'our outlook remains cautious', but CEO Oswald Gruebel did say that he feels that the bank is unlikely to need any further financial support from the Swiss government.
UBS also confirmed that it plans to reduce headcount from 71,800 to 67,000 by the end of next year, although is looking to beef up its fixed income operations, which Gruebel says will take at least until next year to fix. The bank's CEO said Tuesday: 'We will see hires (in fixed income). We have hired new management, and we will continue to hire in the management area'. He did warn, however, that overall headcount in fixed income would probably be down.
Finally, The Financial Times reports that, according to unnamed 'people close to the situation', the bank is close to hiring former Merrill Lynch executive Bob McCann to run its US wealth management businesses.
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