UBS to shed investment banking jobs
Switzerland’s UBS bank has announced that it is to focus its activities on wealth management, and to close parts of its investment bank.
Some 2,000 jobs are to go in the investment bank by the end of 2016 leaving it with a staff of 16,000, the bank said in a statement issued ahead of Thursday’s Investor Day event in New York.
Sergio Ermotti, who was confirmed as CEO earlier this week, said UBS was acting from a position of strength.
“We are adapting our strategy to deliver more attractive returns to shareholders and to reflect economic and regulatory change,” he says in the statement.
He explains that the bank has chosen to “substantially reduce” its risk profile, and that it aims to give its shareholders more attractive returns.
The bank hopes to pay dividends to its shareholders again in the financial year 2011 for the first time since 2006. The payout will be at the rate of 10 cents per share.
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