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UBS Cuts Jobs in Equity Capital Markets as Revenues Fall

  • The bank is reviewing capital market teams’ amid market drop
  • UBS has also laid off investment bankers in emerging markets
The UBS Group AG headquarters, left, in Zurich.

The UBS Group AG headquarters, left, in Zurich.

Photographer: Michele Limina/Bloomberg

UBS Group AG is laying off equity capital markets bankers because of a sharp decline in revenue after a slowdown in deal-making across the industry, according to people familiar with the matter.

The Swiss firm began laying off a handful of bankers in equity linked and capital markets in Europe, the Middle East and Africa this month, the people said, asking not to be identified as the details aren’t public. Equity offerings across the region are on track to plunge about 70% this quarter and face an even steeper drop in the U.S.