UBS London bankers locked out
Oct 30, 2012
The Swiss bank's announcement of major restructuring to result in 10,000 job cuts
Dozens of London-based UBS bankers have been locked out of their offices following the Swiss bank’s announcement of a major restructuring involving 10,000 job cuts. Bank insiders told the Financial Times that some fixed income traders found their passes did not work when they turned up at their Finsbury Avenue offices this morning. One banker who made it into the offices said: "I was glad to see that my pass was working this morning." UBS London is expected to be hit hard by the restructuring, which is intended to save SFr3.4bn ($3.6bn) by 2015, because it is a hub for fixed income trading, which the Swiss bank wants to exit.
For further concise, balanced comment and analysis on the week's news, try The Week magazine. Subscribe today and get 6 issues completely free.