Two unnamed Swiss sources claimed over the weekend that UBS may cut up to 4,500 additional jobs. According to the bank, it does not comment on "speculations regarding further headcount reductions," and that the previously announced 9,000 cuts, mostly in investment banking, are going well.
Cuts are said to have gone down at the Swiss bank yesterday, with more thought to be a' coming. From the front lines: "Massive cuts at UBS west coast IBD offices yesterday-- 50 percent headcount reductions in both LA and San Fransisco, from MDs down to admins. HR was flown in to do the job. Rumor is that LA and SF office will be closed down completely next year. There were also some cuts in NYC, in FIG and TMT."
The Swiss are not yet done with their firings. "FYI, layoffs going down right now in IBD at UBS as well."