ZURICH, Sept 20 Swiss lender UBS has
cut 56 back-office jobs in Luxembourg, part of efforts to cut
costs as banks struggle to grow revenue.
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
In May, UBS introduced a new organisational structure in
wealth management in a move which aimed to cut costs by hundreds
of millions of dollars.
($1 = 0.9762 Swiss francs)
(Reporting by Joshua Franklin, editing by Louise Heavens)