UBS poised to axe another 10,000 jobs
Tuesday 30 October 2012
Bankers are braced for massive job cuts when UBS confirms plans to slash up to 10,000 posts today.
UBS chief executive Sergio Ermotti is expected to announce the radical restructuring along with the Swiss bank's third-quarter earnings.
Shares in UBS rose by more than 7 per cent.
This was despite the fact that the shake-up will probably take years and cost millions of Swiss francs.
The investment bank, which employs 6,500 people in London, is likely to be hardest hit.
Deutsche Bank and Nomura have already announced large job cuts while other banks are expected to shed staff before the end of the year.
"If UBS does take radical action, we would expect this to kick off further industry restructuring," analysts at Citigroup said.
The new UBS job cuts are said to be on top of the 3,500 redundancies which it has already announced this year and could take up to three years to complete.
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