Switzerland’s largest bank, will cut as many as 10,000 jobs
companywide as the trading business shrinks, a person with knowledge of the
plan told Bloomberg.
Many of the reductions will come in the trading businesses
overseen by investment-bank co-head Carsten Kengeter and probably will occur
over several quarters, said the person, who requested anonymity because the
plans haven’t been publicly announced. An announcement may come when UBS
reports third- quarter earnings on Oct. 30, the person said.
CEO Sergio Ermotti, 52, is overhauling
the bank as Swiss regulators pressure UBS and Credit Suisse Group AG to boost
capital and scale back trading and investment- banking operations. Like rival
securities firms, UBS has been struggling to boost profitability as client
activity and trading remain sluggish.
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