UBS May Cut 1,700 More Jobs at Investment Bank, JPMorgan Says
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UBS AG, Switzerland’s largest bank, may cut about 1,700 more jobs at the investment bank as it shrinks the fixed-income business, JPMorgan Chase & Co. analysts led by Kian Abouhossein said.
“Investors would welcome a strategy aimed at shrinking UBS’s investment bank division and aligning it to mainly support the private banking franchise,” the analysts said in a note today. “We would expect the restructured investment bank to consume materially less capital with improved returns for the investment bank and the group.”