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UBS plans to cut 180 jobs in Italy, representing a third of its workforce, as part of a reorganization process. The layoffs will impact areas such as wealth management, group functions, and the securities business, while front office positions, corporate clients, and investment banking will remain unaffected. The bank currently employs 602 people in Italy.
UBS is cutting 180 jobs in Italy, nearly a third of its workforce there, as part of a cost-reduction strategy aimed at improving its poor cost-income ratio, which has risen to over 86%. The bank's share price continues to decline, attributed to a need for an additional 25 billion in capital, raising concerns about further layoffs across Europe, potentially affecting 20,000 employees. Meanwhile, Zurich's status as a financial hub has diminished, dropping to 21st in the Global Financial Centers ranking.
UniCredit Spa has received approval from Consob for its voluntary public exchange offer on Banco BPM, set to begin on April 28 and conclude on June 23. The offer involves up to 1.52 billion shares, with a consideration of 0.175 newly issued UniCredit shares for each Banco BPM share exchanged. Settlement is scheduled for July 1.
UBS Group is set to cut 180 jobs in Italy as part of a strategic reshuffle aimed at enhancing operational efficiency and focusing on future growth. The reductions include 18 positions at UBS Fiduciaria and 162 at UBS Europe's Italian unit, while key roles in corporate advisory and investment banking remain unaffected. This move reflects broader trends in the banking sector towards workforce optimization, underscoring UBS's commitment to maintaining a strong presence in Italy amidst a volatile market.
UBS plans to cut 180 jobs in Italy, representing about one-third of its workforce in the country. The majority of the reductions will occur at UBS Europe SE’s Italian division, with 18 positions eliminated at UBS Fiduciaria. While global wealth management roles will be impacted, corporate advisory and front office positions will remain unaffected, and investment banking operations are not expected to be impacted. UBS emphasized its commitment to Italy as a key area for future growth.
UBS plans to cut 180 jobs in Italy, representing nearly a third of its workforce in the country, primarily affecting asset management and the securities business. This decision follows the bank's acquisition of Credit Suisse and is part of a broader cost-cutting initiative aimed at saving $13 billion by 2026. Investment banking roles will remain unaffected for now.
UBS plans to lay off 180 employees in Italy, impacting 18 at UBS Fiduciaria and 162 at UBS Europe SE, according to trade unions. This represents nearly a third of the workforce, prompting unions to request an urgent meeting with UBS to discuss reducing redundancies and establishing a solidarity fund.
UBS is set to cut 180 jobs in Italy as part of a restructuring plan, impacting 18 positions at UBS Fiduciaria and 162 at UBS Europe SE. This move will reduce nearly a third of the bank's Italian workforce, prompting unions to call for a meeting to discuss minimizing redundancies and establishing a solidarity fund.
Tesla faces a challenging quarter with first-quarter delivery estimates dropping from 470,000 to 380,000 vehicles, raising concerns among investors. A suspected arson attack at a Rome dealership and rising backlash against Elon Musk's political stances add to the company's troubles, alongside a significant decline in European sales. With Wall Street projecting 1.9 million deliveries for 2025, stability and a solid delivery number are crucial for restoring investor confidence.
UBS has notified Italian unions of its intention to reduce its workforce in the country by one-third. This significant job cut reflects the bank's ongoing restructuring efforts amid changing market conditions. The move is expected to impact numerous employees across various sectors within the organization.
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