More job cuts – UBS boss
Staff cuts are likely to continue at the major investment banks in the US and Europe in the continuing fallout from the sub-prime meltdown.
That is the bottom line of an address given to the current Reuters Finance Summit being held in London by the global co-head of investment banking at UBS, Alex Wilmot-Sitwell.
He said he expected the investment banks to take a really aggressive look at head counts as they draw to the end of the calendar year.
However, Wilmot-Sitwell’s address to the conference, reported by wire service Reuters, suggested that Australia might go unaffected by the cuts, with UBS planning to keep hiring in Asia, Eastern Europe and the Middle East as financial and economic focus increasingly shifts to booming economies, such as India and China.
“We are recruiting in all of these markets, and we will be recruiting because this is where we see a lot of growth,” he said.
AUTHOR
Mike Taylor
Recommended for you
The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call.
Two national advice businesses have merged to form a leading holistic advice business with $2.5 billion in funds under management.
Insignia Financial has completed its transition of a range of administration and technology functions to SS&C Technologies as it seeks to be a leading wealth manager by 2030.
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.
