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UBS plans to cut jobs in securities
By Elena Logutenkova |
January 23, 2009, Friday
|
Print Edition
Print Edition
UBS AG, Switzerland's largest bank, plans to cut more securities unit jobs in the coming weeks as it reorganizes fixed-income business following subprime losses.
The bank will exit its remaining real estate and securitization businesses as well as exotic structured products, said Carsten Kengeter and Jeff Mayer, co-heads of fixed income, currencies and commodities, in a memo dated January 21.
Todd Morakis, who headed commodities, Sascha Prinz and David Sacco, co-heads of global rates, as well as credit head Chris Ryan, will leave the bank as a result.
The reorganization follows Kengeter and Mayer's review of a business, which was mainly responsible for US$48.6 billion of writedowns and losses ?? the most by any European bank since the start of the credit crisis.
Zurich-based UBS has so far announced 9,000 jobs cuts since the collapse of the United States subprime market.
The bank will exit its remaining real estate and securitization businesses as well as exotic structured products, said Carsten Kengeter and Jeff Mayer, co-heads of fixed income, currencies and commodities, in a memo dated January 21.
Todd Morakis, who headed commodities, Sascha Prinz and David Sacco, co-heads of global rates, as well as credit head Chris Ryan, will leave the bank as a result.
The reorganization follows Kengeter and Mayer's review of a business, which was mainly responsible for US$48.6 billion of writedowns and losses ?? the most by any European bank since the start of the credit crisis.
Zurich-based UBS has so far announced 9,000 jobs cuts since the collapse of the United States subprime market.
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