UBS (UBS) Plans to Cut 10% of Front-Office Staff in Europe
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UBS (NYSE: UBS) shares are higher in early trading Thursday following headlines earlier that the financial institution will be cutting roughly 400 positions across its Investment Bank in Europe. The number amounts to 10 percent of front-office employees in the region.
Under the knife will be merger advisory staff, with equities and fixed income employees also expected to see reductions. The move comes as UBS looks to trim is headcount globally and return to strong profitability.
UBS said it would cut about 1,600 positions last year and has already met its staffing goal for 2013, according to Bloomberg data. Total employees at the bank are 16,432 as of June.
Shares are about 0.3 percent higher.
Under the knife will be merger advisory staff, with equities and fixed income employees also expected to see reductions. The move comes as UBS looks to trim is headcount globally and return to strong profitability.
UBS said it would cut about 1,600 positions last year and has already met its staffing goal for 2013, according to Bloomberg data. Total employees at the bank are 16,432 as of June.
Shares are about 0.3 percent higher.
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