UBS Said to Cut Paris Jobs at Investment Bank, Corporate Centerby
Swiss lender said to eliminate 15 positions in Paris
UBS securities unit has been cutting costs, headcount
UBS Group AG, Switzerland’s largest lender, is eliminating about 15 jobs at its investment bank and corporate center in Paris, according to a person with knowledge of the matter.
More than half the jobs will be lost in equities trading, while the rest of the cuts will affect back-office staff at the corporate center, said the person, who asked not to be identified because the matter is private. Some of the positions may be shifted to London, the person said. Reuters reported the cuts earlier.
Andrea Orcel, who leads UBS’s securities division, has been cutting costs and reducing headcount as volatile markets erode earnings. Pretax profit at the investment bank dropped 48 percent to 284 million Swiss francs ($294 million) in the second quarter, with revenue from equities trading down 22 percent.