More jobs misery as UBS plans further 1,900 job losses
by Kay Murchie
Switzerland’s largest investment bank, UBS, has announced it is to axe a further 1,900 jobs in its investment banking, equities and fixed income units.
The news follows that yesterday from PricewaterhouseCoopers, administrators of Lehman Brothers’ European division, who said 750 workers are to lose their jobs with immediate effect.
With regard to the job losses at UBS, they represent approximately 10% of the group’s total investment banking staff.
UBS has been hit hard this year due to losses and sub-prime write-downs and is one of Europe’s largest victims of the credit crunch. It has announced thousands of job losses already this year.
Today, JPMorgan said it expects UBS to incur a further €2.7 billion (£2.1 billion) in pre-tax write-downs, in addition to the £25 billion it has already made.
Thousands more bankers are expected to lose their jobs by Christmas due to the ongoing turmoil in the financial markets.
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