The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
120 jobs Number of planned job losses
Announcement Date
30 January 2012
Employment effect (start)
Foreseen end date
31 December 2012
Description
On 30 January 2012, Swiss bank UBS announced that it will cut about 120 jobs in Germany until the end of 2012. It is reported that the implementation of the job cuts has already started.
The redundancies are said to be due to personnel overcapacities, especially in portfolio consultancy. UBS currently employs 1,200 people in Germany. The downsizing is part of 3,800 worldwide job cuts announced by UBS in August 2011 (see here).
Sources
31 January 2012: Handelsblatt
30 January 2012: Handelsblatt (online version)
Citation
Eurofound (2012), UBS, Internal restructuring in Germany, factsheet number 73047, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73047.
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