UBS cuts about a dozen US bankers as part of its Credit Suisse integration

UBS Group this week eliminated about a dozen jobs in its US investment bank as part of its integration of Credit Suisse, according to people with knowledge of the matter.

Many of those affected were bankers who overlapped in coverage areas, said the sources, all of whom requested anonymity to discuss confidential information.

A UBS representative declined to comment.

The firm, led by chief executive officer Sergio Ermotti, is separately cutting hundreds of Asia wealth-management jobs, Bloomberg News reported earlier this month. Since completing the takeover of its Swiss rival in June, UBS has outlined about 3,000 domestic job cuts and more than US$10 billion in cost savings.

UBS, whose combined workforce jumped to about 120,000 when the deal closed, plans to cut more than half of Credit Suisse’s 45,000-strong employee base, Bloomberg News reported in June.

UBS’s investment banking unit, which includes the firm’s markets division, will soon be located at 11 Madison Avenue, in New York’s Flatiron District. BLOOMBERG