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UBS Wealth Management Said to Cut Staff

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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AUTHORJon Jacobs Insider Comment
  • Jo
    Jon Jacobs
    29 March 2010

    Yes, we published a follow-up story on Friday (3/26), after the Wall Street Journal reported the wider cuts: Layoffs at UBS Wealth Management Larger Than Initially Reported.

    -Jon Jacobs, eFinancialCareers News staff

  • Ex
    Ex-UBS
    29 March 2010

    The number was closer to 400 by 3/26. Complete departments were eliminated, while still leaving management in place. This is contrary to McCann's comments of too many Chiefs and not enough indians. Morale is at an all time low. In this case, the jobs eliminated were not duplicative, but merely who was liked or not liked. Now there are only Chiefs and even less indians.

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