UBS to Cut Jobs in Europe
Swiss banking giant UBS (NYS: UBS) is set to cut between 80 and 90 investment-banking jobs in Europe, according to a Bloomberg report released on Tuesday afternoon. While these numbers may not sound large, such a cut would amount to about 17% of UBS's European investment-banking workforce.
In anticipation of further impacts from regional austerity measures, most of the layoffs that have already occurred at the bank have been in fixed-income. Europe's debt crisis continues to loom large and slow the pace of deals in the private sector. Deutsche Bank stated earlier this summer that it had plans to trim up to 1,900 jobs from its payroll.
Western European financial-services firms have already announced more than 32,000 job cuts this year, according to the Bloomberg report.
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