UBS To Cut Thousands of Jobs in Investment Bank, Information Technology
The Swiss bank has been hard hit by stricter capital rules and massive rogue trading loss.
A Swiss newspaper report on Sunday said that the bank will slash 2,000-4,000 jobs in investment banking and central functions as well as 900 jobs in information technology, the Chicago Tribune reported.
Tighter capital rules making banks much less profitable than they used to be as well as a dwindling number of deals are forcing many investment banks into drastic cost-cutting measures. UBS has been further hit by the 2008 financial crisis and last year’s $2.3 billion rogue trading scandal. ... Read full story on Wall Street & Technology
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