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UBS to cut dozens of jobs

Local News // Nov. 2, 2016
UBS to cut dozens of jobs

UBS is to make dozens of job cuts in wealth management, according to some sources close to the company, as part of a previously announced restructuring.

The Swiss banking leader announced in May a reorganization of its asset management activities.

The company aim to reduce costs following the decline in activity of its customers, the increase in expenses related to the regulatory framework and negative interest rates.

At the time, UBS wouldn't say how many jobs would go.

Now it's been suggested that less than 100 employees in the IPS division (Investment Products & Services) will be affected, and their jobs could be reclassified within the group.

Tags: banks, economy, jobs

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