UBS cuts 10,000 but mostly outside Asia

UBS plans to exit fixed income businesses and cut its headcount by roughly 10,000. It will focus more on its private bank, which is a growth area in Asia.

The Swiss bank insists that others will follow it in exiting costly trading operations AFP

One way to officially announce news that you are planning to cut 10,000 jobs is to bury the line in the second page of a press release entitled “UBS announces strategic acceleration from a position of strength”.

Of course, the market already knew the news so yesterday when UBS said that...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: ubs | cuts | asia | carsten kengeter | sergio ermotti | andrea orcel

Print Edition

FinanceAsia Print Edition

EVENTS