UBS trimming headcount in Paris by 15 jobs: source

August 26, 2016 6:05 AM EDT

The logo of Swiss bank UBS is seen at the company's headquarters in Zurich February 10, 2015. REUTERS/Arnd Wiegmann/File Photo


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PARIS (Reuters) - Swiss bank UBS is cutting about 15 investment banking jobs as it scales back its share trading business in Paris, a source familiar with the bank's plans said.

The cuts, currently under negotiation, are on its share trading platform and at its corporate center as the bank shifts its trading focus in France to cash, leaving derivatives and structured products to be handled from London.

Seven or eight trading jobs are on the line, although the posts could be moved to London, the source told Reuters.

UBS declined to comment on Friday.

The bank has restructured in recent years in France, including about 40 reductions in asset management last year.

Nonetheless, UBS is keen to build up its corporate advisory activity in France after hiring Gregoire Haemmerle from JPMorgan last year to head the business in France, Belgium and Luxembourg, the source said.

UBS also aims to expand its wealth management business in France, possibly through an acquisition, and is for now leaving UBS France out of its project for a euro zone platform based in Frankfurt.

(Reporting by Leigh Thomas; additional reporting by Joshua Franklin in Zurich; editing by Richard Lough and Jason Neely)



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