UBS lays off 35 senior bankers in the AmericasSubmitted by Bob-45 on Sun, 03/03/2013 - 14:39
By Nadia Damouni and Olivia Oran
NEW YORK | Fri Mar 1, 2013 6:32pm EST
(Reuters) - UBS AG (UBSN.VX) (UBS.N) cut roughly a third of its Americas investment banking and capital markets group this week, including 35 senior managing directors, three sources close to the matter said.
A UBS spokeswoman confirmed the layoffs of the managing directors, which occurred in the corporate client solutions group, composed of investment banking, equity capital markets and leverage finance teams.
As part of the cuts in the U.S. and Canada, more than a dozen people in the San Francisco technology group were laid off, and the Swiss bank shut its Los Angeles office, one of the sources said.