14:58 • 7 months ago

Sweeping cuts accompany Swiss bank UBS’ fixed income market exit

10,000 UBS employees will lose their jobs over the next three years as part of a 3.4 billion Swiss franc ($3.6 billion) company overhaul. The Swiss bank plans to exit the fixed income market, and return to a focus solely on private banking. Most of those laid off will be located in Switzerland, though sizable cuts are headed to the company’s UK and US operations as well. The first cuts went public today after a number of UBS employees were unable to to enter the bank’s building in London this morning. source

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