Hit hard by the credit crunch, European bank UBS is planning to lay off roughly 1,900 people in its investment banking, equities and fixed-income units, according to a Bloomberg report.
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The cuts, likely to be announced at the bank's Thursday shareholder
meeting, come on top of the 7,000 jobs its already eliminated. UBS has
had to weather write-downs and credit losses of $44.2 billion since the
beginning of the credit crisis last year, with analysts expecting
another $2.7 billion in write-downs for the current quarter, the news
service reported.
UBS' move adds to employment carnage amongst banks in Europe. Over the last
seven days, Lehman Brothers Holdings Inc. slashed 750 jobs from its European fixed-income and personal investment management unit, and
HSBC Holdings plc said it was laying off 1,100 in its global banking
and markets division worldwide.
With jobs at financial firms under pressure, Dealscape and Corporate Dealmaker have the latest information on transitioning careers, advice from recruiters and job postings. Here is a preview of some of the most recent job postings from The Deal's Career Center. - George White
