The Deal
Saturday, November 21, 
5:30 am

UBS to eliminate 1,900 jobs

  Share     E-Mail    Discussion    Print Story

Pink_Slip_transparent.gifHit 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.

 

Continue reading below

Also on Dealscape

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



Dealwatch Career Watch

Date Posted Jobs

09.30.08

Senior Associate, Market Risk in New York City

09.30.08

Strategic Development Director (Dubai) in San Francisco

09.30.08 Senior Managing Director in San Francisco

09.30.08 Investment Banking Associate in New York City

Source: The Deal




Post a comment





The Deal Pipeline

Deal Video


Inside The Deal: Avaya Inc.'s Mohamad Ali on the company's next target.


More video...

Crisis On Wall Street
Technology
Deals of The Decade

Community

Industry Insight

Managing your shareholder base

Growth companies and their PE sponsors should be wary of the pitfalls that arise when they layer on tiers of preferred stock.


Industry Insight

Easing the stress of distressed M&A

Corporate buyers face numerous complexities when trying to identify the right moment to purchase a distressed asset.


Editor's Note

Editor's letter: Nov. 16, 2009

Beneath the veneer of Wall Streeters beats the same heart, stirred by the same determinants of behavior.


footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg


©Copyright 2009, The Deal, LLC. All rights reserved. Please send all technical questions, comments or concerns to the Webmaster.