World Economy

UBS Trims Jobs

UBS Trims JobsUBS Trims Jobs

UBS Group AG 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, Bloomberg reported. 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. Switzerland’s biggest bank signaled it was taking further measures to increase savings when it reported a decline in first-quarter profit earlier this month, citing a challenging environment.