UBS may cut up to 10 pct bank, trade jobs-sources
NEW YORK (Reuters) - UBS AG (UBSN.VX), the global bank slammed by mortgage and credit losses, may cut up to 10 percent of jobs across much of its investment banking and trading division, people familiar with the situation said Tuesday.
Earlier this month, the Swiss banking giant announced a $19 billion write-down related to mortgage and credit exposure, in addition to $18 billion of markdowns last year. Citing the losses and dimmer outlook for market businesses, UBS said it would "adjust staffing levels," with actual job cut numbers to be announced in May.
UBS declined to comment.
People inside the bank, though, said cuts will hit every business. Thriving areas like equities will suffer fewer cuts, but fixed income traders generating the bank's big losses, are expected to bear the brunt of the cutbacks.
That said, sources familiar with the bank's efforts say it is too early to estimate how deep the final job cuts will be.
(Reporting by Joseph A. Giannone, editing by Dave Zimmerman )
