People: UBS to cut 10,000 in investment banking retreat
UBS to chop Sfr90 billion from investment bank RWAs as it refocuses on capital-light businesses; Ivan Ritossa to leave Barclays - Bommensath steps up; Loh Boon Chye lands top Asia-Pacific markets role at BAML; former JP Morgan CRO Zubrow to retire
UBS announced a cull of up to 10,000 investment banking staff on October 30 as part of a long-term restructuring programme that will see the firm largely exit the fixed-income business.
The rationale behind the shock move is a desire to cut risk-weighted asset (RWA) consumption – the foundation for bank capital requirements – which has risen sharply for trading businesses as a result of the Basel 2.5 and Basel III prudential capital reforms.
UBS will refocus on activities that are comparatively
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