UBS Layoffs to Hit Fixed Income Professionals
Originally Published In the News April 15 2008 10:15 AM
Status symbols on Wall Street have long consisted of things like corner offices and Italian supercars, but soon a mere paycheck might do the trick. UBS is the latest to cut the ranks, and fixed income professionals are likely to feel the bulk of the pain:
UBS AG told the leaders of its investment-banking unit to ready job cuts of 10 percent ``across the board,’’ CNBC reported, without citing anyone.
The Swiss bank’s fixed-income department may be among the hardest-hit by the cuts, CNBC reporter David Faber said.
UBS Chief Executive Officer Marcel Rohner said during an April 1 conference call that the company would decide how many jobs to cut within a few weeks.
The investment bank, which had about 20,000 employees at its peak, cut 1,500 jobs in the third quarter, the financial news network said.
UBS spokesman Serge Steiner told Bloomberg News the bank is sticking to its April 1 statement that staff numbers in the investment bank ``will continue to be adjusted in line with market developments.’’ UBS plans to give more details on job cuts in early May, he said. Bloomberg
It is ugly out there.
UBS Set to Cut 10% of Jobs at Investment Bank
Bloomberg
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