UBS Job Cuts Hit US Investment Bankers
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The reorganization of UBS investment banking is proceeding. It’s eliminated some duplicate US staffing, but the big cutback is looming.
According to a Bloomberg report, UBS has eliminated about a dozen investment banking jobs in the US in connection with the integration of Credit Suisse. The bank declined to comment to the news outlet on the matter.
According to the sources who asked not to be named, many of the affected positions are in overlapping areas. No names were given.
If the report is true, the reorganization of traditional investment banking with corporate advisory and capital market transactions is proceeding. UBS is trying to combine the best of both banking worlds, but when it comes to Credit Suisse trading, UBS will show little mercy and will wind up the unit.
At the same time, numerous UBS investment bankers in New York are about to move, with the entire team decamping to the former Credit Suisse offices at 11 Madison Avenue.
Questions & Answers
Q.How many jobs have been eliminated so far at UBS in the US?
How many jobs have been eliminated so far at UBS in the US?
According to a Bloomberg report, approximately a dozen investment banking jobs have been eliminated in the US as part of the integration process.
Q.What kind of jobs are being cut at UBS?
What kind of jobs are being cut at UBS?
The jobs being eliminated are primarily in investment banking, with many of the affected positions in areas considered to be overlapping between UBS and Credit Suisse operations.
Q.What is happening to UBS investment bankers in New York?
What is happening to UBS investment bankers in New York?
Numerous UBS investment bankers in New York are relocating, with the entire team moving to the former Credit Suisse offices located at 11 Madison Avenue.
Q.What is UBS's plan for Credit Suisse's trading unit?
What is UBS's plan for Credit Suisse's trading unit?
UBS intends to wind up Credit Suisse's trading unit, showing little mercy as it proceeds with the integration of the two banks.
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