NEW YORK (Reuters) - Switzerland’s biggest bank, UBS AG UBSN.VX, is expected to cut up to 10,000 jobs, or 16 percent of its workforce, as it contends with shrinking revenue and rising capital requirements, a person familiar with the company said on Friday.
The cuts would be among the biggest in banking history. The layoffs are expected globally, with the bulk occurring in UBS’ hard-hit trading and investment banking areas.
The bank, which has more than 60,000 employees, is likely to provide details of the cutbacks when it reports its third-quarter results on October 30, the source said.
UBS has been steadily battered since the financial crisis, with billions of dollars in trading losses, management mishaps and scandals.
The Swiss bank has been withdrawing from the riskier and more capital-intensive parts of its business to meet tighter capital rules and a dearth of deals affecting the securities industry globally.
UBS pledged last year to cut more than 5 percent of its workforce, or about 3,500 jobs. It has put in new executive management that has promised to emphasize its wealth management business and reduce its capital markets activities.
Reporting by Jed Horowitz; Editing by Dan Grebler