UBS Plans To Cut 3500 JobsPosted by in Blog on August 23, 2011
UBS announced that they plan to eliminate 3,500 jobs by the end of 2013.
UBS officials made a statement today that about 45 percent of the staff reductions will come from the investment bank, 35 percent from the wealth management and Swiss bank divisions, 10 percent reductions will come from asset management, and 10 percent staff reductions will come from the Wealth Management America unit.
These cost cutting measures will include administrative units as well as some changes in the use of real estate. CEO, Oswald Gruebel’s goal is to reduce annual costs by $ 2.5 billion by the end of 2013.
UBS’s profit dropped nearly 49 percent in the second quarter.
UBS is not alone in announcing job cuts. Credit Suisse Group has announced its’ plans to shed 2,000 jobs. HSBC is preparing 30,000 pink slips. Bank of America/Merrill Lynch also has plans to lay off up to 3,500 people as well.