Swiss-based banking group UBS has said that jobs cuts announced today will affect its equities division, but not as heavily as other parts of its business.
The firm issued a statement today revealing a repositioning its investment banking division, including 2,000 job cuts across all divisions of the firm. This brings the number of job losses to around 6,000 since Q3
However, a spokesperson for UBS confirmed that the majority of job cuts would be in its fixed income business and affirmed that its priority for the future is keeping its equities business profitable. In particular, the firm is looking to boost its cash distribution, derivatives and prime services, while seeking further efficiency gains.
“The ongoing crisis in the financial markets and dramatically changed industry dynamics require us to recalibrate our business,” said Jerker Johansson, chairman and CEO of UBS, in a statement. “While the revenue outlook is uncertain, these measures will allow us to focus on our strengths, reduce the cost base to a more sustainable level and position our core businesses for growth once fundamentals improve.”