UBS Scrubs the Floor

It slashes NYSE staffing by 75%.
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UBS (UBS) - Get Report is cutting its New York Stock Exchange (NYX) floor staff by 75%.

A spokesman said 23 employees, mostly administrative assistants and clerks, were notified Thursday of the cuts. Nine of the 16 brokers working on the NYSE floor were let go.

The news comes as the NYSE's trading floor empties out.

Bank of America

(BAC) - Get Report

,

Goldman Sachs

(GS) - Get Report

and

Lehman

(LEH)

are among firms that have slashed their trading and specialist presences on the exchange floor as the NYSE moves toward electronic trading.

The NYSE has shuttered at least one trading floor in an effort to contain costs, while at the same time embracing electronic trading through its hybrid market.

"As the use of electronic platforms on the NYSE has increased, we have made the difficult decision to restructure our NYSE floor operations and to reduce our staff presence to bring our personnel in line with current needs," UBS said in a statement.

UBS is working with those employees to find other roles within the company. The Zurich-based company does not expect to make further cuts, the spokesman said.