NEW YORK (TheStreet) -- Swiss banking giant UBS (UBS) is planning a major restructuring of its investment banking business that will entail some 10,000 job cuts across the bank, according to media reports in recent days.
The bank's board plans to meet Monday to decide on the plan, The Wall Street Journal reported Sunday, citing anonymous sources familiar with the matter.
The 10,000 job cuts would take place over the next three to five years, the Journal reported, adding that the bulk of them would be in UBS's investment banking unit.
The Financial Times had reported earlier that the bank was weighing 10,000 job cuts as part of a restructuring that would shrink its trading operations and investment banking business.On Sunday, the Journal reported that under the plan, Carsten Kengeter, currently co-head of UBS's investment bank, will be in charge of businesses the bank plans to wind down and exit. Among those are trading businesses, particularly in fixed income, the newspaper said. Meanwhile, Kengeter's co-head, Andrea Orcel, would lead the businesses the bank plans to stay in, the Journal added. If the board approves the plan, it will be announced when UBS reports third-quarter financial results on Tuesday, the Journal said. In August 2011, UBS announced plans to cut 3,500 jobs in an effort to eliminate expenses of 2 billion Swiss francs ($2.54 billion) a year by the end of 2013. Shares of UBS closed Friday down 5 cents at $13.19.
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