UBS to slash 10,000 jobs worldwide in 3 years

30 Oct 2012

Swiss banking major UBS today announced a significant reduction in its workforce as it accelerates the implementation of a strategy to transform the firm and create a leaner, stronger UBS of the future.

UBS said it would achieve the transformation into the UBS of the future by further sharpening its focus in the Investment Bank, by concentrating on its traditional strengths in advisory, research, equities, forex and precious metals and by exiting business lines, predominantly those in fixed income that have been rendered uneconomical by changes in regulation and market developments.

UBS, which has a current staff strength of 64,000, reported a steep loss of 2.2 billion Swiss francs ($2.36 billion) in the September quarter.

UBS had lost around 39 billion Swiss francs during the financial crisis.

UBS said it would reduce costs significantly while driving further efficiencies across the Group more rapidly. By 2015, UBS is likely to have a headcount of around 54,000, a 16 per cent reduction in three years.

"UBS will implement lean front-to-back processes across the bank and simplify its product portfolio and production processes. As a consequence, in 2015, UBS expects its headcount to be around 54,000 compared with approximately 64,000 today," it said in a statement.