Reuters reports that a cultural revolution is under way at UBS under new investment bank executive Andrea Orcel, who has lifted morale by bringing in clients but raised fears among old hands at the Swiss bank that they will bear the brunt of expected lay-offs.
Orcel has already created a circle of former colleagues who have followed him to UBS. This could yet expand, insiders at the bank believe, with further staff reshuffles likely.
A source close to Orcel said job losses have yet to be finalised, but investment bankers who spoke to Reuters on condition of anonymity said they fear 15% of the advisory division in Europe, or about 75 to 90 people, will be cut.
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In the meantime, The Daily Telegraph reports that Nomura has announced large-scale redundancies across its European business that will see more than 200 London-based staff lose their jobs.
The larger part of Nomura’s European staff are based in London as a result of the bank’s 2008 acquisition of Lehman Brothers’ operations in the region.
Finally, Deutsche Bank has denied newspaper reports Friday that it is to cut thousands of jobs in Germany, insisting that there are no planned cuts over and above those already discussed with the local works council.