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European Bank Job ‘Bloodbath’ Surpasses 40,000 as UBS Cuts
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UBS AG’s decision to cut 5 percent of its workforce brings to more than 40,000 the number of jobs cut by European banks in the past month as the region’s worsening sovereign debt crisis crimps trading revenue.
UBS, Switzerland’s biggest bank, said yesterday it will eliminate 3,500 jobs, mainly from its investment bank. It follows HSBC Holdings Plc, which announced 30,000 cuts on Aug. 1, Barclays Plc, which is cutting headcount by 3,000, and Royal Bank of Scotland Group Plc, which is eliminating 2,000 posts. Credit Suisse Group AG announced 2,000 reductions on July 28.