We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
80,259 News Articles

UBS IT jobs at risk as bank cuts 3,500 posts

Job cuts reach across operations

UBS IT jobs are at risk, it has emerged, after the bank said it was cutting 3,500 posts across its operations.

The Swiss bank, which has a large UK presence, today declined to give an exact breakdown of the roles affected other than to confirm the back office was affected alongside other operations.

By division, 45 percent of cuts will come from the investment bank, forty five percent from wealth management and Swiss operations, and ten percent from asset management.

The bank is attempting to slash 2 billion Swiss Francs (£1.53 billion) from costs by the end of 2013. Two months ago it announced it was planning to cut 500 jobs from its global IT workforce of 8,700.

UBS insisted the cuts will include natural attrition, though many will still be through redundancy.

"The measures announced today are designed to improve operating efficiency," said the bank. "UBS will continue to be vigilant in managing its cost base while remaining committed to investing in growth areas."


IDG UK Sites

Apple promises developers better stability, performance for Swift

IDG UK Sites

5 things we hate about MWC: What it's like to be a journalist at a technology trade show

IDG UK Sites

Interview: Lauren Currie aims to help design students bridge skills gap

IDG UK Sites

12in Retina MacBook Air release date rumours: new MacBook Air to have fingerprint ID, could launch...