(Reuters) – Swiss bank UBS unveiled plans on Tuesday to fire 10,000 staff and wind down its fixed income business, returning to its private banking roots as it adapts to tough capital rules that make it harder to turn a profit from trading.
Zurich-based UBS will focus on wealth management and a smaller investment bank, ditching much of the trading business that ran up $50 billion in losses in the financial crisis.
Some UBS staffers took to social media to air their frustration after dozens of traders were stopped from entering the bank’s London offices on Tuesday.
Some staff turned up to work to find their employee cards no longer worked at the turnstile and were then escorted to human resources, according to various sources within the bank.
Once at human resources, they received their personal items in a bag with a letter saying they would have two weeks paid leave, after which they were to return to pick up their redundancy package, the sources said.
Reuters has the full article
