UBS Securities is expected to announce plans to eliminate 10,000 jobs as the Swiss banking group shifts its focus away from investment banking and toward private banking services for its wealthiest clients.
UBS is expected to make the announcement during a Tuesday morning earnings call. Anonymous sources with knowledge of the plans leaked the news to The Financial Times on Friday.
UBS Financial Services Inc., a division of UBS Securities, operates a stock brokerage in Kansas City that employs about 50 registered representatives. The operation tied for ninth on the Kansas City Business Journal‘s list of top area stock brokerage firms, based on number of registered representatives.
The UBS investment banking unit so far has lost about $50 billion to bad investments in the subprime mortgage market. Read more on Kansas City Business Journal.