Swiss banking major UBS will lay off nearly 200 employees, including 25 managing directors, at its brokerage unit in the US, says a media report.
Attributing to people familiar with the development, The Wall Street Journal reported that UBS AG's brokerage unit in the US is laying off nearly 200 employees, including about 25 managing directors.
The job cuts affect about 1.2 per cent of the unit's 16,925 employees, the report noted. Meanwhile, the Swiss bank has suffered steep write-downs and a global investigation over allegations it helped clients evade taxes.
Those problems have hurt UBS's US brokerage business.