Swiss bank UBS will cut 10,000 jobs as it exits from its fixed-income trading business and tries to cut costs and concentrate on wealth management.
The Zurich, Switzerland-based institution, which stated that it is “significantly reshaping its investment bank,” said it will bring its head count to 54,000 by 2015 from 64,000 employees currently. Some 2,000 cuts will come from UBS front-office workers who deal directly with clients.
In total, that’s a 16% slice off the overall workforce. At its height, UBS employed 83,500 workers in 2007.
The news of the coming job cuts revived an old joke that the name UBS stands for “U’ve Been Sacked,” as many said they only discovered...