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April 15, 2008
NEW YORK - UBS AG, the global bank slammed by mortgage and credit losses, may cut up to 10 percent of jobs across much of its investment banking and trading division, people familiar with the situation said on Tuesday.
With about 22,000 employees worldwide at UBS Investment Bank, the latest round of cuts could affect as many as 2,200 people, though sources familiar with the bank's efforts caution it is too early to estimate how deep the final job cuts will be.
UBS on Tuesday declined to comment.
Earlier this month UBS chief Marcel Rohner told investors "staffing levels in the investment bank will continue to be adjusted in line with market developments. We will provide more specifics at the beginning of May."
The cutback plans followed the Swiss bank's announcement of $19 billion of write-downs related to mortgage and credit exposure. These losses, in addition to $18 billion of markdowns last year, further weakened the bank as financial markets broadly face several more difficult quarters.
More recently, Rohner told a Swiss paper that there will be reductions "across the board," with most focused on fixed income businesses that generated most of the bank's losses.
Thriving areas like equities will suffer fewer cuts.
Last October, when UBS disclosed third quarter mortgage losses, UBS announced it would cut 1,500 by the end of 2007 as part of broad reorganization of the bank.
(Reporting by Joseph Giannone, editing by Dave Zimmerman)
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