More misery for investment bankers. UBS plans to cut as many as 1,900 jobs in its investment banking, equities, and fixed income units, according to a Bloomberg report citing “two people with knowledge of the matter.” Those familiar people say the job cuts could be announced as early as tomorrow’s shareholder meeting, which is being held to elect four new directors. A person at UBS to ClusterStock that he thought we might not hear any news for another two weeks (although we imagine Bloomberg’s report might accelerate things).
The cuts, which amount to 10 per cent of the investment banking staff, come on top of the 7,000 jobs UBS has cut since 2007. UBS has written down $44.2 billion, making it the worst European victim of the financial turmoil. Today, JPMorgan said it expects UBS to incur a further €2.7 billion in pre-tax write-downs.