UBS Cuts 150-Plus Support Jobs, News Reports
In its drive to rein in costs, UBS has cut more than 150 jobs across its various units worldwide, including wealth management, according to news reports.
The Swiss-based company has also dismissed staff in asset management and investment banking, people with knowledge of the matter tell Bloomberg.
Most of the jobs were in corporate center roles such as IT, marketing, human resources and risk management, the people say, according to the news service.
“As we’ve previously said, we are slowing down hiring and delaying replacements to counter market headwinds,” UBS tells Bloomberg in a statement. “There is no specific headcount or role reduction program. As any other company, we always have a certain level of attrition."
The corporate center employs more than 30,000 people and takes up $4 billion, or about a quarter, of UBS’s overall wage costs, according to the news service.
Sabine Keller-Busse, UBS’s chief operating officer tasked with executing the job cuts, had pledged last October to slash $800 million off UBS’s business support costs over three years, Bloomberg writes.
Earlier this year, UBS CEO Sergio Ermotti promised to deliver $300 million in additional cost cuts, according to the news service.
Last month, reports emerged UBS was curbing its wealth managers’ hiring, suggesting that reps hire no more than one new person for every five who leave.