Madoff-Scarred UBP To Cut Staff By 10%

Sep 1 2009 | 12:05pm ET

Swiss private bank Union Bancaire Privée, which lost 1 billion Swiss francs (US$943.4 million) in the Bernard Madoff Ponzi scheme, is slashing its staff after assets under management fell by nearly one-fifth.

UBP will cut 10% of its workforce, the firm said last week. The move follows a 19% drop in assets under management during the first half of the year; UBP’s hedge fund assets were even harder-hit, plummeting 43%.

“UBP should reduce its staff by 10% over the course of the year, from a headcount of 1,372 at the end of December, through redundancies, early retirements and not filling vacant positions,” a spokesman for the firm told Bloomberg News.

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