STAMFORD, Conn. — Stamford-based UBS will reduce its staff from 64,000 to 54,000 by 2015 as a part of its plan to transform the firm, a statement from the bank said. It did not say what effect the cuts will have on its operations in Stamford.
“This decision has been a difficult one, particularly in a business such as ours that is all about its people,” said Sergio P. Ermotti, group chief executive officer. Some of the reductions will happen through attrition, he said.
“Throughout the process we will ensure that our people will be supported and treated with care."
UBS plans to reduce its costs significantly while becoming more efficient, the statement said. The bank is targeting an incremental savings of 3.4 billion Swiss Francs and a total of 5.4 billion in Swiss Francs in savings by 2015, the statement said.
It will also be investing 1.5 billion in Swiss Francs across all of its businesses and positions, the statement said. UBS expects these procedures will allow it to sustain and grow businesses while having about half of the payout, the statement said.
Find out more about the strategic plan for UBS here.