UBS trimming headcount in Paris by 15 jobs: source
- S&P, Dow rise on health stocks; Nasdaq weighed by Comcast
- Unusual 11 Mid-Day Movers 10/27: (PCMI) (OCN) (TTMI) Higher; (CYH) (RWLK) (AMFW) Lower
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Qualcomm (QCOM) to Acquire NXP Semi (NXPI) in $47B Deal
- Tesla (TSLA) Posts Q3 adj.-EPS of 71c
The logo of Swiss bank UBS is seen at the company's headquarters in Zurich February 10, 2015. REUTERS/Arnd Wiegmann/File Photo
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
PARIS (Reuters) - Swiss bank UBS
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)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Germany stalls Osram unit sale to Chinese buyers: WirtschaftsWoche
- Oft-divided SEC speaks with one voice when suing corporations: records
- Russia's Putin says Obama administration does not stick to any deals
Create E-mail Alert Related CategoriesReuters
Related EntitiesUBS, JPMorgan, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!