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UBS to cut 160 jobs at Enron

UBS chief, Peter Wuffli, doesn't expect any additional layoffs at UBS itself Keystone

Switzerland's largest financial group UBS says it will cut around 160 jobs at the energy-trading unit purchased from United States group Enron.

A UBS spokesman told swissinfo that 640 staff would be retained after the takeover, out of a total of around 800 employees.

UBS chief executive Peter Wuffli also told the German newspaper, Handelblatt, that absorbing the energy-trading unit into the financial group would not mean additional risks for the bank, since the new unit would be absorbed completely into UBS’s risk-management system.

Wuffli, president of the banking group’s executive board since December, added that he expected the energy-trading unit to return to its old business volumes in six to twelve months.

He repeated earlier statements that the UBS group, which includes Switzerland’s biggest bank and London-based investment bank UBS Warburg, planned no additional lay-offs to counter the effects of an economic downturn.

swissinfo with agencies

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR