There will be 3.500 Ubs workers who will lose their jobs, 5,3% of the entire staff. A mass layoff that is part of the cost reduction program announced at the end of July by the first Swiss bank. The plan is to save two billion francs by 2013.
“The measures announced today – explains the institute – are aimed at improving operational efficiency. UBS will continue to keep its costs under control but at the same time invest in growth areas". The reduction in personnel would be linked to the latest financial results of the Bank, which last month published a decidedly disappointing quarterly report, marking a 49% reduction in net profit. A performance that forced UBS to lower its targets for 2011.
Specifically, the cuts will take place 45% in investment banking, 35% in wealth management and Swiss banking, 10% in global asset management and 10% in asset management Americas .
The phenomenon has global dimensions: according to Bloomberg, the top fifty credit groups have announced cuts for 60.000 people for the summer, the heaviest since the 2008 crisis.
