UBS Investment Bank Job Cuts Reach Europe as Two Dozen Are Gone
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UBS Group AG has cut about two dozen jobs in Europe over the last two weeks as Chief Executive Officer Sergio Ermotti restructures the investment bank after a poor performance this year.
At least 10 of the cuts came at the equities trading division, people familiar with the matter said. Five positions were eliminated in Zurich, including three managing directors. The steps in Europe follow 40 jobs that UBS eliminated in the Asia-Pacific region. Layoffs also began in New York several weeks ago, the people said.