Swizz lender UBS is looking to slash an additional 1,700 jobs, according to JPMorgan Chase & Co. analysts led by Kian Abouhossein, Bloomberg reports. The move looks to limit the investment bank’s fixed-income business.
The planned job cuts amount to11 percent of the bank’s workforce and are in addition to the announced closure of 1,575 positions. The bank’s risk-weighted assets in the fixed- income business could be reduced by $77.4 billion through this downsizing, releasing up to $7.91 billion of capital.
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Kian Abouhossein Bloomberg UBS Swizz JPMorgan Chase, Co.