NEW YORK (Reuters) - Swiss bank UBS AG is expected to cut 10,000 jobs, or 16% of the employees because it contend with shrinking revenues and rising capital requirements, sources said, this will be one of the largest of a bank familiar with the matter layoffs since the financial crisis.
Switzerland's largest bank, is expected to make the cut of the entire company on a global scale, but most of the losses that may occur in the hard-hit areas of trade and investment banks.
The cuts will be accompanied by a reorganization of UBS's massive fixed-income business to become a stand-alone unit, will cut into liquidation, over time, according to the Financial Times, first reported the news.
The units are expected to lead to Carsten Kengeter, co-head of investment banking, the newspaper said.
Andrea Orcel, who joined Bank of America (Bank of America) The article said that the reorganization transactions this year, to work together, Kengeter run, equities, fixed income, foreign exchange and advisory business, will continue to be positive.
UBS last year promising to cut more than 5% of the employees, about 3,500 jobs. The article said that the new cuts are expected to complement this goal.
Sources said, UBS has more than 60,000 employees, is likely to be October 30, the report of its third quarter results, provide detailed cuts.
These initiatives are designed to Sergio, 52-year-old chief executive Ermotti highest office only 13 months ago. The bank has withdrawn from the risk of larger, more capital-intensive part of the business, to meet the more stringent capital rules, and the lack of impact of the global securities industry transactions. Has said it will focus most of its resources, its wealth management, private banking and asset management businesses.
The expected cuts will increase to the crisis since the 2008 global financial industry has shed tens of thousands of jobs. In the United States alone, the financial companies have announced plans to eliminate 28,000 jobs through the first nine months of this year's, according to the outplacement company Challenger, Gray & Christmas. This compared with 54,000 job losses in the first nine months of 2011.
"I think we are still at an early Board, Bush said:" Nancy, SNL Financial, a senior bank analyst and contributing editor. "The overall structure of the financial services industry has been changed, we now cleaver stage."
Banks tightening
UBS is following other financial institutions around the world have been tightening heels, as they struggle to reduce expenses, due to the weak economy, new regulations and reduced trading activities.
Credit Suisse Group AG, the largest Swiss rival UBS (UBS), said this week, "repeated shocks" in the global economy has led it to increase its efforts to cut costs by 100 million Swiss francs ($ 1.1 billion) on the way cost savings, to reach 400 million francs in 2015.
Credit Suisse (Credit Suisse), since 2011, has cut about 7 percent of the employees, more employees will be losing their jobs as a result, the new target.
UBS has more than its share of the crisis, suffered billions of dollars in trading losses in the past few years, since the financial crisis, the management of accidents and scandals.
Ermotti replaced: Oswald Gruebel, the former Credit Suisse executive task is to strengthen the bank's risk control crisis and allegations of tax avoidance schemes start $ 50 billion dollars in losses.
Those plans were shattered in September 2011, UBS transaction were arrested and subsequently charged by London police on suspicion of concealing, to $ 23 billion loss.
Last Friday, is headquartered in London trader, Kweku Adoboli, tearfully said in court that his purpose of the transaction is beneficial to banks.



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