News

UBS has revealed that it intends to cut approximately 3500 jobs by 2013. In a statement UBS - the biggest Swiss bank - said it was trying to reduce staff levels “through redundancies as well as natural attrition”. The news is especially hard as it comes just weeks after Credit Suisse – the second biggest Swiss bank – announced that it would be cutting its headcount by 4%, meaning approximately 2000 jobs will go.



The job cuts announced by UBS would affect 400 workers in Switzerland. The biggest impact will be on the investment banking sector where 45 % of the announced job cuts would occur. At the same time as UBS is reducing its costs through job cuts it continues to invest in growth areas.



UNI Finance would like to underline that ordinary bank employees were not responsible for the global financial crisis. “It is short-sighted to cut jobs to improve the look of the balance sheet,” says Marcio Monzane, the Head of UNI Finance. He argues, “The best way to stop the fear of another global monetary system collapse is to give good and honest advice to the customer. Current employees are best placed to give this advice as they have the experience. We also have to promote the necessary regulatory changes to avoid a repeat of the financial crisis.”