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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.

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