IOSCO-UPDATE 1-UBS Investment Bank sees no more jobs cuts

* Says staff turnover a normal symptom of fluid market

* Says business won't be influenced by temporary govt stake

(Adds quotes, background)

By Tova Cohen and Ari Rabinovitch

TEL AVIV, June 11 (Reuters) - UBS Investment Bank's management does not expect further cuts in staff after its parent company announced thousands of layoffs, Vice Chairman Lord Brittan of Spennithorne said on Thursday.

Brittan added that any staff turnover at UBS, which recently hiked the salaries of some investment bankers to guard against poaching by competitors, was normal for what he described as a "fluid market".

Parent company Swiss bank UBS AG (UBSN.VX: Quote, Profile, Research) (UBS.N: Quote, Profile, Research) reported in May a first-quarter loss of 2 billion Swiss francs ($1.9 billion) on yet more writedowns and client withdrawals and said it remained cautious as the global economy continued to deteriorate. [ID:nL5170687]

On April 15, UBS said it would cut staff by 11 percent, or to 67,500 in 2010 from 76,200 at the end of March. The reductions compare with a figure of about 77,500 employees globally at the end of 2008. [ID:nSP496004]

Asked on the sidelines of a meeting of the IOSCO securities regulation forum in Tel Aviv whether he saw further job losses at the investment bank, Brittan said: "No."