Layoffs Watch '16: UBS Freeing Up Some Space In Its Investment Bank

By axing a bunch of employees.

Please don't take any of the complimentary jumbo Toblerone bars on the way out. Those are for clients only.

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. 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. A spokesman for the Zurich-based company declined to comment.

UBS Said to Trim Some Securities Jobs as Ermotti Cuts Costs [Bloomberg]