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In a
statement on Monday, unions in Luxembourg said they had agreed
on support for the bank employees affected by the cuts. UBS had
originally planned to cut 60 jobs in Luxembourg but trimmed this
number following trade union talks.
The jobs, which provide operational support to the bank's
flagship wealth management business, will be moved to its office
in Wroclaw, Poland.
A UBS spokesman declined to comment on Tuesday.
At a time of increased regulatory costs, negative interest rates
and restrained client activity, all banks are under pressure to
keep a lid on spending.
UBS, which has refocused its business more towards wealth
management and away from investment banking since the financial
crisis, said in July it had achieved two-thirds of its target to
cut costs by 2.1 billion Swiss francs ($2.15 billion) by the end
of 2017.
In May, UBS introduced a new organizational structure in wealth
management in a move which aimed to cut costs by hundreds of
millions of dollars.
(Reporting by Joshua Franklin, editing by Louise Heavens)
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