UBS to trim fixed income, cut 10,000 jobs

Date: Monday 29 Oct 2012

UBS is moving forward on its restructuring and plans to reduce fixed income trading and cut 10,000 jobs according to news reports.

The Swiss bank would be splitting off and winding down much of its fixed income operations to reduce risk-weighted assets by about 100bn Swiss francs, according to Bloomberg.

Meanwhile, Swiss paper Tages Anzeiger said the bank may announce 10,000 job cuts, primarily from its Information Technology arm.

Chief executive officer Sergio Ermotti said in July that the bank would look to return capital to shareholders once the Basel III capital targets were met. He may announce these moves tomorrow when UBS reports its third quarter earnings.

UBS currently trades up 4.58% to 12.79 Swiss francs.

JM

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