UBS cuts 20 staff at Canada broker unit

Thu Jan 31, 2013 6:12pm EST
 
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TORONTO (Reuters) - UBS UBSN.VX is cutting 20 positions at the equities division of its Canadian investment bank as part of the Swiss lender's cost-cutting efforts.

The cuts are largely on the research side and include chief economist and strategist George Vasic, as well as Canadian equities head Rick Meslin, said spokeswoman Karina Byrne. The rest of the cuts are in cash sales and trading.

"We're committed to equities research, but we are changing the organization slightly to put together an integrated North American research team," she said.

Coverage of key industries such as mining, energy and financial services will remain in Canada, while the bank's New York office will pick up coverage of Canadian telecom, industrials and consumer stocks, she said.

Following the cuts, UBS will have 230 staff in Canada and 28 staff in its Canadian equities operation.

Meslin will be replaced by Lisa Petrelli, while Brian MacArthur will replace Vasic, taking on the title of director of research.

UBS announced in October it would lay off 10,000 workers and wind down its fixed income business.

(Reporting By Cameron French; Editing by Bernard Orr)