As UBS (NYSE: UBS) tries to recovery from trading losses and cost at its investment back, management has decided to sharply cut the number of workers, particularly in its investment bank operations
The company disclosed that Personnel in the Investment Bank is expected to be approximately 16,500 by the end of 2013 and 16,000 by the end of 2016, compared with approximately 18,000 currently.
It added “The Investment Bank will be less complex, carry fewer risk-weighted assets and require substantially less capital to produce sustainable returns for shareholders.”
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