UBS jobs fear for Birmingham
Banking giant UBS, which has an office in Birmingham, has revealed plans to shed 3,500 employees.
The Swiss business, which employs 6,000 members of staff across the UK, said the move would save £1.5bn by the end of 2013. The jobs cull involves fewer numbers than the 5,000 first feared and will mostly be in its its investment bank and wealth management division, UBS said.
However, the majority of UK jobs are at the company's investment bank and wealth management divisions.
It has other offices in London, Newcastle, Manchester and Edinburgh.
The bank blamed regulatory changes and the economic downturn for its decision. It has been critical of the Basel III rules which requires the bank to hold more capital.
UBS said the losses will be achieved through redundancies and not filling roles which are voluntarily vacated.
It expects to incur restructuring charges of £423.8m.
About 1,600 jobs will go at its investment bank, 1,200 at its wealth management arm, 350 in global asset management and 175 in Wealth Management Americas.
