UBS shares jump at prospect of 10,000 job cuts

Shares in UBS soared on Monday after media reports the Swiss bank would announce up to 10,000 job cuts as it takes the knife to its investment banking operations, particularly its fixed income business.

UBS Chief Executive Sergio Ermotti is expected to announce the radical restructuring along with third-quarter earnings on Tuesday, but news of the plans started leaking late on Friday.

"The changes being discussed in the media, if true, would represent a transformational change for UBS," said analysts at Espirito Santo Investment Bank in a note to clients. "It is not just an additional cost-cutting exercise at the margin, but a strategy that would enable the bank to return much more capital to shareholders and/or significantly increase the capital ratios."

Read Full Article from Economic Times

- Posted: 2012-10-29 10:55:20

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