More angst in the investment banking industry.
UBS plans to cut around 6% of its investment banking jobs in Europe in the coming weeks, two sources familiar with the matter told Reuters.
The news agency reports that the bank plans to lose about 300 staff out of an estimated 5,000 currently working in front and back office roles in the region under ex-Merrill Lynch dealmaker Andrea Orcel.
The move comes after UBS imposed a pay freeze in February across its investment banking arm as banks in Europe try to cut costs to improve profitability.
In January, Barclays said it would cut 1,000 investment bank staff on top of some 7,000 job losses already announced. Deutsche Bank, UniCredit, Credit Suisse, HSBC and Standard Chartered also announced job cuts in the second half of 2015.
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