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August 23, 2017

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UBS to split investment bank with loss of 10,000 jobs: report

LONDON--Swiss banking giant UBS is planning to split its ailing investment bank, triggering the loss of up to 10,000 jobs, Britain's Financial Times reported on Friday.

The split will move a major part of UBS' fixed income trading business into a non-core unit and create a smaller investment bank handling equities trading, foreign exchange and advisory services, the newspaper said, citing two sources.

The move, set to be announced next week, is expected to result in thousands of layoffs in the bank's back office operations, the newspaper added.

The report comes after Swiss newspaper Tages Anzeiger said UBS was set to announce 10,000 job cuts, mostly in the bank's Information Technology arm which currently employs 8,200 people.

The bank employed 63,520 people worldwide at the end of June, including 22,500 in Switzerland.

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