UBS to Cut Jobs in Europe

Swiss banking giant UBS (NYSE: UBS  ) is set to cut between 80 and 90 investment-banking jobs in Europe, according to a Bloomberg report released on Tuesday afternoon. While these numbers may not sound large, such a cut would amount to about 17% of UBS's European investment-banking workforce.

In anticipation of further impacts from regional austerity measures, most of the layoffs that have already occurred at the bank have been in fixed-income. Europe's debt crisis continues to loom large and slow the pace of deals in the private sector. Deutsche Bank stated earlier this summer that it had plans to trim up to 1,900 jobs from its payroll.

Western European financial-services firms have already announced more than 32,000 job cuts this year, according to the Bloomberg report.

The global financial situation, especially in Europe, looks rather gloomy at the moment. However, Motley Fool analysts think there are still some winners in banking -- and one big one in particular. In our special free report, "The Only Big Bank Built to Last," Motley Fool analysts go through their investment thesis for one multibillion-dollar bank set to thrive in the future. It's available for only a limited period, so for free access to the special banking report, click here to get it today.

Fool contributor John Divine owns shares in none of the companies mentioned above. You can follow him on Twitter, @divinebizkid, and on Motley Fool CAPS, @TMFDivine. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days. The Motley Fool has a disclosure policy.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2021904, ~/Articles/ArticleHandler.aspx, 4/16/2014 9:23:06 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement