London UBS jobs 'facing the chop'


London UBS jobs 'facing the chop'
The City of London is the subject of more job cut rumours, as it is thought that investment bank UBS is poised to dismiss 2,000 employees following the aftermath of the credit crunch.

Thousands of jobs hang in the balance after the bank declared losses of £9.6 billion.

And the chairman of the bank, Marcel Ospel, resigned from his position.

UBS gave 1,500 workers the boot last year due to the economic problems, but it is likely that the latest round of job cuts would affect the 9,000 UBS staff members in the London office, the Sunday Times reports.

The Swiss investment bank would also lose employees in its New York branch, the paper added.

Napier Scott Executive Search revealed last week that traders in London have seen their bonuses and paycheques drop by 40 per cent, while their US counterparts on Wall Street recorded salaries cuts of 60 per cent.

Related categories: Banking / Finance.

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