View more on these topics

UBS to cut up to 10,000 investment banking jobs

UBS is planning to scale back its investment banking capabilities in a move that could see the firm cut up to 10,000 jobs, around a sixth of its global workforce.

According to reports, the Swiss bank is planning to move part of its fixed income-trading unit into a none–core unit in a move which would shrink the investment bank.

The bank is expected to reveal the move on October 30 and comes after pressure from Swiss regulators on the bank to downsize its trading operations.

The bank suffered total losses of £26bn during the 2007-09 financial crisis, particularly due to investments in US sub prime debt, and had to be bailed out by the Swiss authorities.

UBS declined to comment.


Why multi-asset is a key tool for now

Many developed markets are facing a debt overhang on four fronts – private, public, household and pension. In the run-up to 2008, the growth in credit within developed countries was allowed to continue beyond sustainable levels because of a combination of uniquely advantageous economic factors. When the credit bubble finally burst in late 2008 and […]


Case study: Making the most of a redundancy pay

The problem: After having been made redundant a few months ago, the client has been able to secure a new job and without drawing heavily upon his substantial redundancy payment. This was obviously a great relief as the client has a young family with a daughter aged 7. The client is a higher-rate taxpayer and […]

MMR: Partial opt-out for business borrowers

The FSA will adopt an alternative approach for loans where a mortgage, remortgage or further advance is solely for a business purpose. In its last consultation paper, the FSA proposed reading across the majority of the Mortgage Market Review proposals to regulated mortgage contracts for a business purpose, with some changes surrounding interest roll-up mortgages […]


FSA aims to ‘bust’ passive independence ‘myth’

The FSA says it will “bust the myth” that advisers who only recommend passives to their clients cannot maintain independence in its next RDR newsletter. In an interview with Money Marketing, FSA technical specialist Rory Percival (pictured) says it is the process advisers go through to decide what is suitable for their client which determines […]

9 October thumbnail

Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.


News and expert analysis straight to your inbox

Sign up


    Leave a comment