UBS Wealth Management Said to Cut Staff

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We're seeing far fewer stories about mass layoffs in finance these days, so the news that UBS Wealth Management let go at least 40 staffers late last week caught our eye.

A UBS spokesperson told Connecticut journalist Teri Buhl:

"It's actually only about 40 people in the back office of Wealth Management that were laid-off. No Stamford traders were let go....They needed to right-size their business."

The Dealbreaker blog, which reports much of its news in the form of anonymous tips, had reported a much larger number via a post from a reader who claimed to work in UBS Wealth Management's Weehawken, N.J., headquarters.

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