This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-15783406
The article has changed 4 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
UBS to shed 2,000 banking posts | UBS to shed 2,000 banking posts |
(40 minutes later) | |
Swiss bank UBS is to reduce its number of investment bankers, by 2,000 over five years, as it returns to its core business of wealth management. | |
The firm aims to reduce its risky assets by half, or 145bn Swiss francs ($158bn; £100bn). | The firm aims to reduce its risky assets by half, or 145bn Swiss francs ($158bn; £100bn). |
It said investment bank staff would be cut from 18,000 to 16,000 by 2016. | It said investment bank staff would be cut from 18,000 to 16,000 by 2016. |
It comes after the bank said in August it would cut 3,500 jobs, or 5% of the workforce, as it aimed to save 2bn Swiss francs annually. | It comes after the bank said in August it would cut 3,500 jobs, or 5% of the workforce, as it aimed to save 2bn Swiss francs annually. |
"We have chosen to substantially reduce the risk profile of the bank by exiting and downsizing businesses which are not value added to our client franchise or deliver unattractive risk-adjusted returns," newly-appointed chief executive Sergio Ermotti said in a statement. | "We have chosen to substantially reduce the risk profile of the bank by exiting and downsizing businesses which are not value added to our client franchise or deliver unattractive risk-adjusted returns," newly-appointed chief executive Sergio Ermotti said in a statement. |
He had taken charge on an interim basis after Oswald Gruebel quit in September over the bank's $2bn trading scandal, and had his post made permanent on Tuesday. | He had taken charge on an interim basis after Oswald Gruebel quit in September over the bank's $2bn trading scandal, and had his post made permanent on Tuesday. |
In September, London-based UBS trader Kweku Adoboli was arrested and charged with fraud and false accounting. | In September, London-based UBS trader Kweku Adoboli was arrested and charged with fraud and false accounting. |
The board also said ex-Bundesbank president Axel Weber will succeed Kaspar Villiger as board chairman from May 2012, a year earlier than planned. | The board also said ex-Bundesbank president Axel Weber will succeed Kaspar Villiger as board chairman from May 2012, a year earlier than planned. |
A bank spokesman said investment bank staff would be cut from 18,000 now to 16,500 by the end of 2013 and 16,000 by the end of 2016. | A bank spokesman said investment bank staff would be cut from 18,000 now to 16,500 by the end of 2013 and 16,000 by the end of 2016. |