Top Firm Could Be Axing Another 4,500 Staff

Swiss newspaper SonntagsZeitung reported Sunday that UBS could be axing an additional 4,500 jobs, as it struggles to get down its cost base. The newspaper does not quote its sources.

The firm has already announced plans to reduce headcount by over 9,000 this year, 5,800 of which have come in the investment bank. A spokesperson for the bank said: 'In the spring we announced a global headcount reduction initiative for the investment bank and all other business divisions, and additional cuts for the investment bank in the fall. These job cuts are fully underway. We do not comment on speculation'.

There are also unconfirmed reports that the job losses thought to have taken place at Macquarie last week were deeper than first thought. Speculation is rife that the firm laid-off 250 in Sydney, closed its India office, cut 15% in Hong Kong and Singapore and fired 75 in London.

The Wall Street Journal reports that US mutual fund Legg Mason is axing 200 of its 4,220 global workforce. The cuts are thought likely to mostly come from back office and support functions. And Financial News reports that 15 staff are thought likely to be let go at Kaupthing Singer & Friedlander Investment Management.

Bloomberg reports that Citadel Investment Group will close its Toyko office, with the loss of 12 jobs. 25 staff will also lose their jobs in Hong Kong, as the hedge fund is also to close its Asian principal investments unit.

Financial News reports that Deutsche Bank has begun axing 'hundreds' of staff in its Moscow office. Some 30% of the bank's 950 employees there are thought likely to be axed.

Finally, the increasing pace of M&A in the fund management / mutual funds area is likely to result in further job losses. The Financial Times reports that data from Jefferies Putnam Lovell shows that M&A deals involving asset managers rose by a third to 69 in the 3 months to September 30th.

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