3,000 jobs to go at UBS London
Reports claim that half the Swiss bank's City workforce are in the line for the axe
The full extent of job cuts at the London offices of UBS is becoming clearer, with reports claiming that up to 3,000 employees – half the Swiss bank’s City workforce – are in line for the axe. The move is part of a restructuring which will see the loss of 10,000 jobs worldwide to save $3.6bn. Yesterday, 100 UBS staff were told they had lost their jobs. “In scenes reminiscent of the dark days of the financial crisis, some turned up at the office to find their passes no longer worked,” reports The Guardian. They were handed a letter that began ‘Dear Colleague’ and told they had been put on ‘special leave’. One banker told The Daily Telegraph: “It was like a scene out of the Village of the Damned up there.”
For further concise, balanced comment and analysis on the week's news, try The Week magazine. Subscribe today and get 6 issues completely free.