UBS To Shed 3,500 Jobs

UBS is seeking to sack more than 5% of its workforce.

UBS is seeking to sack more than 5% of its workforce, The Wall Street Journal reports. The job cut will affect 3,500 employees. Out of the total, 45% eliminations will take place in its investment banking division and 35% in the wealth management and Swiss bank unit. The planned layoffs are aimed at saving $2.53 billion annually.

The company is shedding support staff such as IT employees, whereas client advisers and financial advisers will not face suspension. Connecticut is granting a $20 million loan to the bank over a five-year period in exchange for sustaining 2,000 jobs in the state and spending the funds over that period for infrastructure expenses.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Financial Times.