UBS flags job losses to ride strong profit waves
(14th November 2003 – Switzerland) Swiss banking giant UBS has recorded its most profitable quarter in three years but said it expected to reduce staff to remain successful.
The bank posted a net profit of CHF 1,673 million for Q3 – up 53 percent on a year earlier and two percent higher than the previous quarter – with clients bringing in CHF20 billion in net new assets to UBS.
"It is our most profitable quarter in three years, with performance up in all our businesses compared to last year," said chief executive officer Peter Wuffli.
"We captured revenue opportunities despite volatile markets, particularly in fixed income, while the strong net new money inflow again shows our substantial competitive progress," he said.
UBS had 66,153 staff globally on 30 September 2003, some four percent lower than at the beginning of the year.
The bank said it would continue with a strategy of lean structures and careful management of resources and expected to "further streamline processes across the firm and reduce corresponding staff levels".
"It is our most profitable quarter in three years, with performance up in all our businesses compared to last year," said chief executive officer Peter Wuffli.
"We captured revenue opportunities despite volatile markets, particularly in fixed income, while the strong net new money inflow again shows our substantial competitive progress," he said.
UBS had 66,153 staff globally on 30 September 2003, some four percent lower than at the beginning of the year.
The bank said it would continue with a strategy of lean structures and careful management of resources and expected to "further streamline processes across the firm and reduce corresponding staff levels".
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