UBS plans to cut jobs in securities

By Elena Logutenkova | January 23, 2009, Friday |

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.

Finance

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UBS plans to cut jobs in securities

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