UBS Warburg, the investment banking arm of Switzerland's UBS, said it plans to cut 10% of its derivatives workforce in London. The bank blamed the poor economic climate for the cuts, which are part of a wider cost-cutting exercise impacting its London-based staff.A spokeswoman at the bank told RiskNews the cuts would impact staff at all levels of seniority, across all divisions. But she declined to be more specific.
The cuts are part of an overall 10% reduction of all investment banking staff in London. Typically staff culls at leading investment banks in the past year have had less of an impact on derivatives - considered a highly profitable business - compared with other areas of investment banking.
More on People
Hoodless and Madaras among those suspended
Head of retail predicts appeal to conservative Canadian investors
UBS promotes Shane Edwards to head of global equity derivatives
The latest people moves and news from the industry
Sign up for Risk.net email alerts
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
Nominated for two technology awards
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.