UBS Axes 56 Luxembourg Jobs in Latest Cost-Reduction Initiative
Posted: Mon Sep 19, 2016 10:21 am
Switzerland’s largest bank, UBS, has completed its plans for a relocation of 56 back-office jobs from its Luxembourg branch to its office in Wroclaw, Poland, as part of the bank’s cost-cutting strategy as it seeks to restore profitability.
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The local bank branch and the unions agreed on a redundancy plan after UBS originally planned to cut 60 jobs in Luxembourg but whittled this number down after trade union negotiations.
UBS Luxembourg, which currently employs 420 people, is aiming to minimise the negative effects of the job ... (read more)