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UBS Said Planning to Fire 60 in Brazil in Restructuring

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UBS AG, the biggest Swiss bank, will fire as many as 60 employees in Brazil as part of its international restructuring plan, three people with direct knowledge of the matter said.

The dismissals will affect staff in investment banking, operations, back office, broker dealer, fixed income and commodities and be announced in coming weeks, said one person, who requested anonymity because the plans aren’t public. The Zurich-based bank, which has 220 workers in Brazil, aims to add people to its wealth-management division in the South American country, two people said.