UBS Set to Exit Fixed Income, Fire 10,000 Bankers
(Reuters) – UBS is expected to reveal plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, with shareholders cheering one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008.
The move will focus Zurich-based UBS (UBSN.VX) around its private bank and a smaller investment bank, ditching much of the trading business that saw it lose $50 billion in the financial crisis and one rogue trader lose $2.3 billion last year.
Chief Executive Sergio Ermotti is expected to announce plans for a slimmer, less risky investment bank focused on equities, foreign exchange trading and giving corporate advice.
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