The FT’s Daniel Schäfer is reporting that UBS will announce up to 10,000 job cuts next Tuesday.More from Schäfer:
Switzerland’s largest bank by assets will significantly shrink the trading side and complexity of its investment bank and as a consequence also cut thousands of jobs in its back office over the next few years, three people close to the situation said.
The new strategy, hammered out in several executive board meetings in New York this week and set to be announced next Tuesday, will lead to the closure of a sizeable part of UBS’s fixed-income trading operations and other capital-intensive areas of the investment bank.
Regulators are coming down hard on investment banks perceived to be engaged in risky trading activities, and fixed-income is one major area affected.
Business Insider Emails & Alerts
Site highlights each day to your inbox.