People: UBS to cut 10,000 in investment banking retreat

Ian Fisher

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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