Trimming some positions, and moving an operation team to improve back-office efficiency'.
Bloomberg News reports that UBS is trimming some positions at the investment bank as part of a plan to reduce costs across the business in response to a revenue slump, according to people with knowledge of the situation.
At least a dozen London-based employees in the securities unit lost their jobs this week, said the people, declining to be identified because the matter remains private. Positions were eliminated in equities, debt capital markets, leveraged finance and real estate, they said.
In the meantime, Bloomberg also reports that Morgan Stanley will move about 75 jobs from its operations team in Shanghai to India and Hong Kong as it seeks to improve back-office efficiency, a person with knowledge of the matter said.
The New York-based bank plans to shift a third of the affected roles to Hong Kong and the rest to India, the person said, asking not to be identified because the matter isn’t public.