Report - UBS could 'shift' 20,000 staff

UBS, which has been taking steps to ensure key businesses can be broken off in a crisis, plans to shift some internal operations into legally separate service centers that can continue supporting individual subsidiaries after an emergency, according to SonntagsZeitung.

Bloomberg reports that the plan may affect more than 20,000 people in operations including computer, legal and personnel services, the paper said.

Independent entities would be created for key regions, such as the Americas, Europe and Asia, it said. The process may take two to three years, as contracts are drawn up between units and as assets and intellectual property are transferred.

Not all decisions have been made, the paper cited a UBS spokesman as saying. The moves are part of a restructuring expected to generate additional costs of more than $107m before completion.

To access the complete Swissinfo article hit the link below:

UBS May Shift 20,000 Workers Into New Service Centers, SZ Says

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