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UBS announcement of 10,000 layoffs puts more British banking jobs at risk UBS announcement of 10,000 layoffs puts more British banking jobs at risk
(35 minutes later)
More British banking jobs have been put at risk with the announcement from UBS that it is to cut up to 10,000 roles worldwide as it shrinks its investment banking arm.More British banking jobs have been put at risk with the announcement from UBS that it is to cut up to 10,000 roles worldwide as it shrinks its investment banking arm.
The Zurich-based bank plans to reduce its headcount from 64,000 to 54,000 by 2015, with some 75% of the losses made outside Switzerland.The Zurich-based bank plans to reduce its headcount from 64,000 to 54,000 by 2015, with some 75% of the losses made outside Switzerland.
UBS, which has around 6,500 staff in London, said the restructuring would deliver savings of £3.5bn by 2015. UBS, which has around 6,500 staff in London, said the restructuring would deliver savings of 5.4bn Swiss francs (£3.5bn) by 2015.
The bank, which wants to shift focus away from investment banking operations, reported a 40% slide in pre-tax operating profits to £1.5bn in the six months to 30 June.The bank, which wants to shift focus away from investment banking operations, reported a 40% slide in pre-tax operating profits to £1.5bn in the six months to 30 June.
UBS wants to concentrate on its traditional strengths in advisory, research, equities, foreign exchange and precious metals and leave other business lines, mainly in fixed income.UBS wants to concentrate on its traditional strengths in advisory, research, equities, foreign exchange and precious metals and leave other business lines, mainly in fixed income.
The bank said these divisions had been "rendered uneconomical by changes in regulation and market developments".The bank said these divisions had been "rendered uneconomical by changes in regulation and market developments".
The job cuts will target "front-to-back processes" across the bank, UBS said, and simplify its product portfolio and production processes.The job cuts will target "front-to-back processes" across the bank, UBS said, and simplify its product portfolio and production processes.
Chief executive Sergio Ermotti said: "This decision has been a difficult one, particularly in a business such as ours that is all about its people.Chief executive Sergio Ermotti said: "This decision has been a difficult one, particularly in a business such as ours that is all about its people.
"Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect. Throughout the process we will ensure that our people will be supported and treated with care.""Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect. Throughout the process we will ensure that our people will be supported and treated with care."
The bank announced the plans as part of its third-quarter results, which revealed a loss of £1.4bn in the three months to September, compared with a profit of £670m last year.The bank announced the plans as part of its third-quarter results, which revealed a loss of £1.4bn in the three months to September, compared with a profit of £670m last year.
The loss was driven by a one-off charge of £2bn linked to the restructuring of its investment banking division and a debt-related charge of £574m, UBS said.The loss was driven by a one-off charge of £2bn linked to the restructuring of its investment banking division and a debt-related charge of £574m, UBS said.
Unveiling its half-year losses in July, UBS claimed that the botched stock market listing of social networking giant Facebook cost it £227m.Unveiling its half-year losses in July, UBS claimed that the botched stock market listing of social networking giant Facebook cost it £227m.
It blamed the loss on the "gross mishandling" of the flotation by Nasdaq, which involved a series of technical errors that caused a delay in the start of trading of Facebook shares in May.It blamed the loss on the "gross mishandling" of the flotation by Nasdaq, which involved a series of technical errors that caused a delay in the start of trading of Facebook shares in May.
Former UBS banker Kweku Adoboli denied on Monday that he had been a rogue trader when he lost the bank £1.4bn.Former UBS banker Kweku Adoboli denied on Monday that he had been a rogue trader when he lost the bank £1.4bn.
The 32-year-old is currently on trial at Southwark crown court in London, accused of gambling away the money while working for UBS during the global financial crisis.The 32-year-old is currently on trial at Southwark crown court in London, accused of gambling away the money while working for UBS during the global financial crisis.