The bank was first aware of the fraud last year. Picture: Sean Dempsey/PA Wire

London UBS staff at risk after bank cuts jobs

Tuesday, October 30, 2012
8:46 AM

Jobs in London are at risk after UBS announced plans to axe up to 10,000 roles worldwide in a bid to downsize its investment banking arm.

The bank, which has around 6,500 staff in London, said the restructuring would deliver savings of 5.4 billion Swiss francs (£3.5 billion) by 2015.

It plans to reduce its headcount from 64,000 to 54,000 by 2015, with some 75% of the losses made outside Switzerland. UBS reported a 40% slide in pre-tax operating profits to 2.3 billion Swiss francs (£1.5 billion) in the six months to June 30.

Group 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.”