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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration

Remaking UBS

Posted on 14 November 2012

Our investment bank is being rightsized, says UBS Chairman Axel Weber during our conversation in late September. “That’s the word I would use.” Just over a month later, UBS - in which Singapore’s sovereign wealth fund GIC is the single largest shareholder - announced the biggest shake up of any investment bank since the global financial crisis.
Having already cut more than 3,500 jobs over the last three years, the bank axed another 10,000 on Oct 30, 16 per cent of its total workforce of 64,000 - most of them from its investment banking operations………………………………………..Full Article: Source


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