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RJ & Makay

Our view of news, events and human capital trends in the financial services industry.

Sergio Ermotti

UBS may cut more jobs at its investment bank

Posted by RJ and Makay on Oct 21, 2011

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UBS AG may shave about 1,700 more jobs at its investment bank as the firm continues to shrink its fixed-income business, according to JP Morgan Chase analysts. UBS had already unveiled plans in August to cut 3,500 jobs, including 1575 from its investment bank, in an effort to save 2 billion Swiss francs in annual costs by the end of 2013.

UBS co-heads of Global Equities resign as shakeup continues

Posted by RJ and Makay on Oct 06, 2011

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Francois Gouws and Yassine Bouhara, the co-heads of UBS’s global equities business, resigned today from the embattled Swiss banking giant in the wake of the bank’s $2.3 billion loss from unauthorized rogue trading. UBS said the “resignations come as they assume overall responsibility for the effective management of the equities business.”

UBS struggling to maintain reputation in face of recent turmoil

Posted by RJ and Makay on Sep 27, 2011

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UBS chairman Kaspar Villiger and new CEO Sergio Ermotti assured U.S. brokers that the sudden departure of former CEO Oswald Gruebel will not lead to a sale of the American unit, according to a Reuters report. The two also affirmed their support for the unit’s CEO Robert McCann, who came to UBS from Merrill Lynch to lead a turnaround.