UBS, the world’s largest manager of private assets, is poised to announce more job cuts soon, with a few thousand workers in its Europe operation at risk of losing their daily jobs.
Several sources said that some of the affected workers have been informed about the company’s decision, with the monetary compensation and retrenchment package for the laid off workers to be discussed at later stage.
Two of the highly hit divisions are said to be marketing and support group. It isn’t clear until now how many people exactly will be laid off, but rumor has it that it can reach a staggering figure of 8,000 people. The bank now employs more than 70,000 workers throughout the world.
Touted as “the world’s largest manager of other people’s money”, UBS is also presently ranked as the 2nd biggest bank in Europe by market capitalization and profitability. The company’s global headquarter is located in Basil, Switzerland, with retail offices available in over 50 countries worldwide including United States, United Kingdom, Australia, Japan, Singapore and many more.
UBS is one of the banks in Europe which is severely affected with the global economic downturn, and has previously announced a 10% job cut earlier this year.