UBS shake-up may see '10,000 jobs axed'

Banking giant UBS could cut thousands of jobs in London and a total of 10,000 worldwide as part of a plan to split its operations.

Under pressure from regulators in Zurich, the Swiss giant is considering ditching large parts of its trading operations, according to The Sunday Times. The paper reports the board has been locked in talks about how deep the cuts should be. It suggests the most extreme proposal would see as many as 10,000 jobs axed globally, or 16% of its staff, with a significant proportion of the bank's 6,500-strong London workforce under threat. About two-thirds of the UBS staff in London work for the investment bank, as opposed to its private banking or asset management divisions. Under the ...