UBS Joins Bank Trend Of Layoffs
August 23, 2011 by UPI - United Press International, Inc.
ZURICH, Switzerland, Aug. 23 (UPI) — Swiss bank UBS said a cost-trimming effort would result in the loss of 3,500 jobs in the next 30 months.
The bank said it would take on a one-time charge of about $698 million connected to the layoffs, which it would put on its books this year, The New York Times reported Tuesday.
Ongoing, UBS, where profits fell to $1.26 billion in the second quarter, said the restructuring was “designed to improve operating efficiency.”
Layoffs are making headlines again in the financial sector, after a relative period of calm after the last recession.
Last week, Bank of America said it would lay off 3,500 employees, about 1 percent of its workforce, and was considering laying off thousands more.
HSBC has announced the largest restructuring plan, which will eliminate 30,000 jobs. Credit Suisse and Lloyds Banking Group said they would lay off 2,000 and 15,000, respectively.