LayoffBlog.com

January 23, 2009

Fresh UBS job cuts suggest more to come for sector

According to Reuters (ZURICH/LONDON): “A new round of job cuts at Swiss bank UBS AG two months after an earlier cull shows thousands more bankers may be on their way out as investment banks struggle with a crisis critics say they helped cause.”

Analysts at JP Morgan said they expect UBS to reduce its investment banking headcount by another 1,100 by the end of 2010, with Deutsche Bank cutting 4,000 investment bankers and Credit Suisse, which slashed in December 5,300 jobs, about 200.

“We expect staff levels in 2009 to be adjusted to 2005 levels, with revenues in 2010 to match 2002-03 levels,” they said.

News submitted by Alan Clegg

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