UBS

Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
120 jobs
Number of planned job losses
Job loss
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://apps.eurofound.europa.eu/restructuring-events/detail/73047.