After holding off on big private banking redundancies for much of the past two years, UBS is now turning its attention to trimming its private bankers rather than its investment bankers.
Announcing its first quarter results today, UBS said it will make another 4,000 job cuts in wealth management and Swiss banking, and another 2,500 job cuts in investment banking.
In March, UBS said it would make 'just' 2,500 cuts in its wealth management division this year.
The latest redundancies will leave headcount in UBS investment banking 38% below its peak, and headcount in wealth management and private banking 20% below its peak. However, as the charts below show, most of the cuts in UBS investment banking have already been made, while people working UBS wealth management and Swiss banking have a nasty nine months in store.
Headcount, UBS wealth management and Swiss banking
Headcount, UBS investment bank
Headhunters say UBS has already eliminated nearly 200 people from its London wealth management business (back office roles included) over the past few weeks.
The goodish news is that unlike many areas of investment banking, there is still a modicum of wealth management hiring happening. Vestra Wealth is stepping up its hiring spree, and Standard Chartered, Julius Baer, RBC and Morgan Stanley have all picked up disaffected UBS private bankers.