UBS Shuts L.A. Investment Banking Office

Closed Sign

UBS, which is restructuring its investment bank, is closing a Los Angeles office with as many as 20 bankers and support staff.

Bloomberg reports that UBS may move some employees to the San Francisco office, which will continue to serve clients in Southern California, Karina Byrne, a spokeswoman for the Zurich-based company, said in a phone interview.

The bank said in October it will cut about 10,000 jobs and retreat from capital-intensive trading businesses to boost profitability.

'You can consider these changes to be part of the next step in the implementation of our strategy, a refinement of our investment-bank model by focusing on those areas where we believe we can be successful', Byrne said.

Hit the link below to access the complete Bloomberg article:

UBS Shuts L.A. Investment-Banking Office With Up to 20 Staff

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