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UBS seen announcing 1,900 new job cuts: Bloomberg

  Swiss bank UBS may announce plans to cut another 1,900 jobs in its investment banking, equities and fixed income units at its Oct. 2 share holder meeting, Bloomberg said on Wednesday.

 

The cuts would represent abut 10% of the total investment banking staff, Bloomberg said, citing two people familiar with the matter. UBS has axed about 7,000 jobs since 2007, mostly investment banking and fixed income. UBS is downsizing its investment banking business and has announced plans to separate it from its prized wealth management arm after risky investments in US toxic assets forced UBS to announce more write downs than any other bank in Europe. UBS was not immediately available for comment. UBS is holding an extraordinary shareholder meeting on Oct. 2 to elect four new members to the board. The bank is also expected to give a business update to shareholders. (Reuters)