UBS’s radical downsizing of its investment bank will take three years and trigger large job losses in London, Zurich and its US trading hub in Stamford, according to people close to the situation.
Almost exactly a year after becoming permanent chief executive, Sergio Ermotti is ready to execute what is going to be the most drastic restructuring of any investment bank.
The plan, due to be unveiled tomorrow, to hive off most of its fixed income trading into a non-core unit will prompt the loss of almost a sixth of the bank’s more than 63,000 workforce.
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