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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV