UBS to Revamp Investment Bank In Effort to Lift Flagging Earnings

Switzerland’s UBS plans another shake-up of its investment banking arm to help boost earnings and curb costs after tough market conditions precipitated a performance dip, Reuters reported. The world’s largest investment banks have had their worst start to a year since 2006, the latest data published by industry analyst Coalition on Thursday shows. “What’s been communicated today was a reorganisation, which did not include a specific number of job cuts,” a person familiar with the matter said, adding that the restructuring would be carried out by the end of the year. Switzerland’s largest bank has shaken up its investment bank several times since the appointment of former investment banker Sergio Ermotti as chief executive in 2011, who implemented an overhaul including sweeping job cuts soon after taking over. Read more