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UBS announces plans to implement 10k job cuts

UBS announces plans to implement 10k job cuts

Many professionals in the City of London are facing redundancy after a major bank announced a new raft of job cuts today (October 30th).

UBS - a Swiss financier that currently employs more than 63,500 people globally - has revealed it intends to make around 10,000 of its workforce redundant over the course of the next three years.

This forms part of the lender's plan to significantly reduce its outgoings in the aftermath of the banking crisis as it seeks to make cost savings of around CHF 3.4 billion (£2.2 billion) annually.

At present, UBS has approximately 6,600 members of staff in the UK and although the bank has not yet confirmed where it will be making its job cuts, the BBC has revealed that 100 of the bank's London traders were sent home from work this morning.

Sergio Ermotti, chief executive of the organisation, said the decision to implement these redundancies had been "difficult".

"Throughout the process we will ensure that our people will be supported and treated with care," he pledged.

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Posted by Chris Stevenson