UBS to trim 16% of global workforce
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UBS to trim 16% of global workforce

UBS to trim 16% of global workforce

Swiss lender UBS is set to cut up to 16% of its workforce, or 10,000 jobs, as it contends with shrinking revenue and rising capital requirements, in what would be one of the largest layoffs by a bank since the financial crisis, Reuters has reported, citing source familiar with the matter. The country's largest bank is expected to make the cuts across the firm globally, but the bulk of the losses are likely to occur in its hard-hit trading and investment banking areas, the sources said. UBS, which has more than 60,000 employees, is likely to provide details of the cutbacks when it reports its third-quarter results on October 30, they said.

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