UBS Said to Cut 30 Japan Fixed-Income Jobs on Global Revamp

Sunset in Tokyo, Japan

UBS is eliminating about 30 fixed-income jobs in Japan, two people with knowledge of the matter said, as the bank plans to shrink investment banking operations worldwide.

Bloomberg reports that some UBS employees in Tokyo, including fixed-income traders and sales staff, were told to leave yesterday, said the people, who asked not to be identified because the details are private. The Zurich-based bank may trim more positions in Japan, the people said.

Chief Executive Officer Sergio Ermotti said Tuesday that the company plans to cut 10,000 jobs to scale back its investment bank and focus on wealth management. The lender is also putting about 100 traders at the fixed-income unit in London on leave, a person briefed on the plan said yesterday.

'We are reshaping our investment bank for the needs and realities of today’s market', said Jason Kendy, a spokesman for UBS in Tokyo, declining to comment on specific actions in Japan.'Today marks the start of a stronger, more focused business able to build on its relationships with wealthy individual, corporate, sovereign, and institutional clients'.

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UBS Said to Cut 30 Japan Fixed-Income Jobs on Global Revamp

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