Wednesday, 23 July 2014
Last updated 1 hour ago
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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…