Newspaper article The Evening Standard (London, England)

UBS to Axe 5500 after [Pounds Sterling]9.6bn Writedown Drives It into Red

Newspaper article The Evening Standard (London, England)

UBS to Axe 5500 after [Pounds Sterling]9.6bn Writedown Drives It into Red

Article excerpt

SWISS banking giant UBS is to axe 5500 jobs worldwide by this time nextyear as it counts the cost of the subprime mortgage crisis and resulting creditcrunch.

Almost half the job losses2600will hit the investment banking side, where the bulk of this year's and lastyear's losses occurred, it said today.

That will bring the total number employed within the division down to 19,000.

UBS said most of those 2600 will come through redundancies and will happenbefore the end of this year. It is expected at least 500 jobs will go inLondon. The bulk of the cuts will fall where the major losses occurred in NewYork and Europe. The other 2900 job cuts will fall across the rest of the bank,which said it hoped many would come through retirement, people moving andredeployment.

But it said redundancies could not be totally avoided.

The cull represents about 7% of the total workforce, but within investmentbanking accounts for 12% of the staff.

That is a major reversal as UBS had rapidly grown its investment bankingbusiness in recent years. …

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