London UBS staff at risk after bank cuts jobs

08:46 30 October 2012

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

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

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.”

Latest Stories from SNAP.PA

One male suspect has also died, with Parliament sergeant-at-arms Kevin Vickers hailed for helping to stop the attacker reaching MPs.

Read more

Lindsay Booth said The Apprentice taught her to put more emphasis on life than business.

Read more

Tina Fey and Jason Bateman star as brother and sister, who return home after the death of their father in This Is Where I Leave You.

Read more

Promotions

AGA Living Subscription

Every issue of AGA Living magazine is packed full of celebrity AGA owner interviews, interior and design features, ideas to inspire your culinary imagination, mouth-watering recipes and inspirational shopping ideas.

Dojo gives you hand picked recommendations for events, places and activities in London

Tired of always hearing about some amazing event in London after its gone, missing out on the best activities? That’s where Dojo comes in.

One male suspect has also died, with Parliament sergeant-at-arms Kevin Vickers hailed for helping to stop the attacker reaching MPs.

Most of downtown Ottawa is in lockdown, say police.

A gunman has shot a Canadian soldier standing guard at the National War Memorial in Ottawa, then entered parliament and shots rang out, according to reports. People fled the building by scrambling down scaffolding erected for renovations, witnesses told the Canadian Press news agency. The top spokesman for Stephen Harper said the prime minister was […]

From birds and insects to a frog, iguana and lions: the beautiful shots of the Wildlife Photographer Of The Year exhibition.

TOP Stories

Yesterday, 15:35
The woman's arrest is linked to the ongoing war in Syria (Photo by David Silverman/Getty Images)

Two people have been arrested in separate terror raids linked to Syria today.

Yesterday, 15:24
Monir Saleh pushed his 93-year-old victim so hard that she fell over, screaming [Photograph from Metropolitan Police]

A man who pushed a pensioner with a walking frame over in a botched robbery has been sentenced to three years and four months in jail.

Yesterday, 13:54
Trains to and from Marylebone Station are disrupted by the incident [Picture from Google StreetView]

Trains are delayed by up to an hour between Princes Risborough and London Marylebone stations.

London Bloggers

Wednesday, September 17, 2014
The cast, including Josie Lawrence and Mike Myers

Simon Collins catches up with the improv impresarios, who despite being the world’s longest-running comedy show with the same cast, have lost none of the razor-sharp wit:

Monday, September 1, 2014
Do you really need an explanation for that?! (Pic by Serena Marinelli)

If you’ve ever seen an Italian movie, you would probably know how important body language is in the culture.

Tuesday, August 26, 2014
Don't waste any of your harvest

If you are now inundated with ripe tomatoes, juicy green beans, berries and herbs, don’t leave them to go stringy or mouldy because the freezer can go a long way to making your crops last well into winter.