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UBS AG reportedly is cutting 10,000 jobs, with its investment banking operations targeted for the biggest layoffs and UBS hoping to reinforce its wealth management businesses.
The Wall Street Journal reported the Switzerland-based company”™s board meets Monday to consider the plan, with UBS scheduled to release its third-quarter results on Tuesday, Oct. 30.
In 2011, UBS negotiated a $20 million incentive package from the state of Connecticut in exchange for keeping at least 2,000 employees in Stamford and other offices here. UBS has about 63,000 employees, the Wall Street Journal reported.
