UBS Cuts 200 Wealth Advisor Jobs: Report
NEW YORK (TheStreet) -- UBS (UBS) - Get Report has reportedly laid off 200 people at its wealth-management division in the U.S.
Under fire from the U.S. government over the
used by the big Swiss bank and its clients, UBS had already announced 8,700 job cuts in April after posting steep losses amid the financial crisis.
The fresh layoffs -- reported by
Reuters
, which cited anonymous sources -- are said to be among junior and new financial advisors.
In the
Reuters
report, several analysts speculated that UBS's once-vaunted wealth-management business may be suffering in the wake of UBS's settlement with the IRS, under which the bank agreed to hand over the names of 4,450 account holders to authorities.
One UBS wealth manager has already been
sentenced to jail time
: Bradley Birkenfeld, a whistleblower who provided some of the key material that aided the U.S. in its tax-fraud case against UBS.
UBS shares were up slightly in the early going Wednesday, trading at $19, up 14 cents from the previous close.
-- Written by Scott Eden in New York
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Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining TheStreet.com, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.
