×

UBS Is Laying Off a Bunch of People in Investment Banking Today

Downsizing
iStockphoto
Downsizing

UBS is laying off a bunch of people in its investment banking division today, a source inside the firm tells Clusterstock.

The firm announced recently that 3,500 people will be laid off in order to cut costs. We heard that the layoffs would be brutal particularly in the investment banking unit.

Looks like those layoffs will come this week.

According to a source inside the firm, Carsten Kengeter, the head of UBS' IB division, sent out a memo this morning to say that this week would be tough and that everyone should stay focused.

Units began layoffs soon after and they will continue today, says our source.

The layoff package: 3 weeks salary times the number of years worked at UBS .

This story originally appeared on Business Insider

Read more from Business Insider:

» Now Suddenly Hedge Fund Success Is Just About Great Marketing And Monetary Policy

» Hedge Fund Manager Commits Suicide Day After His Friend, Late "Real Housewives" Husband

» 9 Political Beliefs Of Soon-To-Be Head Economic Advisor Alan Krueger

» SocGen: Here's What Yoshihiko Noda Means For The Japanese Economy
__________________________________________

Questions? Comments? Email us atNetNet@cnbc.com

Follow NetNet on Twitter @ twitter.com/CNBCnetnet

Facebook us @ www.facebook.com/NetNetCNBC