The Financial Times reports that UBS's wealth management unit is to bear the brunt of the 8,700 job cuts the bank aims to make by the end of next year.
According to the newspaper, some 4,000 wealth management jobs are likely to go, many of them in the US and Switzerland. The investment bank, which has already seen headcount fall by around a third since its 2007 peak, is likely to suffer some 2,500 additional job losses, while 500 staff in asset management and another 500 in the bank's corporate centre in Zurich also face the axe.
According to the newspaper, some 4,000 wealth management jobs are likely to go, many of them in the US and Switzerland. The investment bank, which has already seen headcount fall by around a third since its 2007 peak, is likely to suffer some 2,500 additional job losses, while 500 staff in asset management and another 500 in the bank's corporate centre in Zurich also face the axe.
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