UBS AG said it will lay off more than 5% of its employees, according to Neil Maclucas’s Wall Street Journal article entitled “UBS to Cut 3,500 Jobs.” Forty-five percent of the cuts will come from investment banking and thirty-five percent will come from the wealth-management and Swiss bank unit. The high proportion of cuts at the wealth-management and Swiss banks business reportedly surprised Rainer Skierka, an analyst at Bank Sarasin.
Other Wall Street firms are also terminating employees amid concerns the U.S. economy may double-dip back into recession, and over the euro zone’s debt crisis. Credit Suisse plans to terminate four percent of its employees. Likewise, Bank of America has announced that it will terminate as many as ten thousand employees this year. Barclays PLC, Goldman Sachs, Morgan Stanley Smith Barney, and Citigroup have also recently announced job cuts.
Atlanta Attorney J. Boyd Page observed: “As brokers and other bank employees are being fired or forced to leave, I would expect this to lead to disputes involving front-end bonuses, retention bonuses, possible wrongful termination claims, and other issues arising out of brokers’ employment agreements and the circumstances of the terminations.”
Page Perry routinely handles a wide variety of employment law matters. The firm’s employment law services range from drafting or advising clients about employment agreements and related documents to litigating or arbitrating employment related disputes. Over the years, the firm has developed particular experience and knowledge in dealing with employment law disputes associated with the securities and financial services industries.
Page Perry attorneys have successfully handled employment law disputes involving employee bonuses and loans, constructive termination, restrictive covenants and non-compete agreements, confidentiality agreements, stock option agreements, age, race and gender discrimination, and severance packages.
Page Perry is an Atlanta-based law firm with an active practice in representing individuals in employment disputes with firms in the financial services industry. In the past several years, the firm has won arbitration award for clients in employment disputes in the amounts of $1.7 and $3.9 million. For further information, please contact www.pageperry.com.