Julia Shudrik

Julia Shudrik

Journalist, News Sub Editor at finbuzz.com
Financially savvy content manager, a writer by day and a reader by night. Julia's passion for helping people in online marketing flows through in the expertise area she provides. As a Certified Management Accountant Holding several certificates from international universities, Julia completed a “Principles of Project Management certificate from Polytechnic West in October 2013.
Julia Shudrik

In order to increase its profitability, Switzerland’s most powerful bank UBS launched a cost-trimming program, according to which 56 jobs were relocated from Luxembourg branch to UBS offices in Wroclaw.

UBS initial plan was to cut 60 jobs in Luxembourg, but having held trade union negotiations, the local bank branch, and the unions agreed to whittle this number down.

Currently, UBS Luxembourg has a team of 420 employees. The banks stated that its target is to minimise the negative effects of the job cuts on its workers and propose other jobs within the bank or early retirement to the affected personnel.

Increasing Pressures

All banks are encountering pressure to trim their expenses in the period of rising regulatory costs, negative interest rates and lagging revenues.

Finance Magnates announced the previous week that in order to trim the costs and improve the bottom line, Barclays had cut 13,600 jobs in the nine months since the arrival of its CEO, which makes it nearly 10 percent of its personnel.

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Even though UBS has laid a course for wealth management and away from investment banking following the financial crisis, certain segments of the world’s largest wealth management unit had hiring caps imposed after waning profits back in July on the back of a dismal Q1 profit that sunk -64.0%, resulting in part from a slump at the wealth management and securities units.

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