Senior prime services staff said to be hit in UBS's U.S. layoffs

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Senior prime services staff said to be hit in UBS's U.S. layoffs

UBS's equities layoffs on Wall Street seem to have been focused on the Swiss bank's prime services business. 

Sources claim that both Vijay Sundaram, chief risk officer for the prime services division and global head of treasury funding for equities, and Chris Hagstrom, head of global financing for the Americas, have been put at risk. 

UBS didn't respond to a request to comment on the apparent layoffs and neither Sundaram nor Hagstrom responded to a request to comment on their situations.

Both men are managing directors. Sundaram joined UBS in 2002 from Merrill Lynch. Hagstrom joined UBS in 2004 and was promoted to head of prime brokerage in 2013. Neither man's exit is confirmed and both are still listed as working for UBS on the FINRA register. 

UBS is understood to have cut a small number of staff from its equities business globally. However, many of those let go appear to be senior staff who have been with the firm for a decade or more. Sources suggested that the bank began by letting go of senior staff and that further rounds of more junior redundancies are expected in the coming weeks.

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