UBS May Cut Investment Bank Jobs: Report
UBS
(UBS) - Get UBS Group AG Report
may announce plans to eliminate about 1,900 jobs in its investment banking, equities, and fixed income units at its shareholder meeting Thursday,
Bloomberg
reports.
Support staff jobs also will be eliminated,
Bloomberg
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reports, citing people with knowledge of the matter. The job cuts would represent about 10% of the total investment banking staff. The cuts would be on top of 7,000 already announced by the European bank, which has taken writedowns and credit losses of $44.2 billion since the credit crisis began last year, according to
Bloomberg
.
A UBS spokesman in New York declined to comment,
Bloomberg
reports.
UBS is scaling back its investment banking unit, which it plans to separate from wealth and asset management after mounting large writedowns.
This article was written by a staff member of TheStreet.com.
