UBS' 10,000-job cut plan to hit India
UBS today posted a steep loss of 2.2 billion Swiss francs (USD 2.36 billion) in September quarter.
The drastic cost-saving drive unveiled by the bank would trim its workforce by nearly 16 per cent from the current strength of 64,000 people.
"UBS will implement lean front-to-back processes across the bank and simplify its product portfolio and production processes. As a consequence, in 2015, UBS expects its headcount to be around 54,000 compared with approximately 64,000 today," it said in a statement.
The Swiss major, which has good presence in India, would be mainly slashing jobs in the investment banking business – which was one of the group's main revenue generator.
According to sources, UBS' India operations could see job cuts in high double digits. However, no country specific details were provided by UBS.
Without disclosing specific details, UBS Group CEO Sergio P Ermotti said decision to cut jobs has been a difficult one.
"Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect," he said.
The banking major expects to save costs to the tune of CHF 5.4 billion (Swiss francs).
"UBS is targeting total cost savings of CHF 5.4 billion including incremental cost savings of CHF 3.4 billion above the CHF 2 billion cost savings programme announced in August 2011," the company noted.
The latest measures, to be implemented over a period of three years, would result in
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