UBS ‘job cuts’ reach Europe as two dozen gone

Bloomberg

UBS Group AG has cut about two dozen jobs in Europe over the last two weeks as Chief Executive Officer Sergio Ermotti restructures the investment bank after a poor performance this year.
At least 10 of the cuts came at the equities trading division, people familiar with the matter said. Five positions were eliminated in Zurich, including three managing directors.
The steps in Europe follow 40 jobs that UBS eliminated in the Asia-Pacific region. Layoffs also began in New York several weeks ago, the people said.
A UBS spokesman declined to comment on the specific measures, but reiterated that the main purpose of the restructuring was to combine the trading units and to make the banking side truly global again.
UBS is shifting senior management into co-head roles and combining trading operations at the investment bank, in an overhaul that may ultimately eliminate hundreds of positions, people with knowledge of the plan have said.
The restructuring should save the bank $90 million annually, UBS has said. Ermotti told Bloomberg TV in an interview that the headcount reduction won’t be significant in relation to overall staff levels.
The cuts in Europe started two weeks ago and continued last week, the people said.
The positions affected include executive directors and managing directors, with most business lines affected except research, one of the people said.
As part of its investment bank restructuring, Ros L’Esperance and Javier Oficialdegui will be in charge of the newly named global banking division, which will include public capital markets, private financing, and mergers and acquisitions.
A combined global markets operation, including equities and foreign exchange, rates and credit, will be headed up by Jason Barron and George Athanasopoulos.