* Cutting research, sales and trading staff
* Some Canadian research coverage to move to New York
* Swiss-bank announced 10,000 job cuts in October
TORONTO, Jan 31 UBS is cutting 20
positions at the equities division of its Canadian investment
bank as part of the Swiss lender's cost-cutting efforts.
The cuts are largely on the research side and include chief
economist and strategist George Vasic, as well as Canadian
equities head Rick Meslin, said spokeswoman Karina Byrne. The
rest of the cuts are in cash sales and trading.
"We're committed to equities research, but we are changing
the organization slightly to put together an integrated North
American research team," she said.
Coverage of key industries such as mining, energy and
financial services will remain in Canada, while the bank's New
York office will pick up coverage of Canadian telecom,
industrials and consumer stocks, she said.
Following the cuts, UBS will have 230 staff in Canada and 28
staff in its Canadian equities operation.
Meslin will be replaced by Lisa Petrelli, while Brian
MacArthur will replace Vasic, taking on the title of director of
UBS announced in October it would lay off 10,000 workers and
wind down its fixed income business.