After having axed 3% of its Asia-Pacific workforce on Tuesday, banking sources say that Swiss bank UBS could cut thousands more jobs as early as Wednesday, when UBS holds its annual meeting. So reported Saeed Azhar and Lisa Jucca of Reuters in their April 14, 2009 article entitled “Thousands more UBS job cuts seen.” The latest cuts could amount to 15% to 20% of its already depleted workforce.
On Sunday, Swiss newspapers reported that UBS will announce big new job cuts, possibly on April 22. UBS has announced 11,000 job cuts since mid-2007, and has written down $50 billion of assets since the crisis began. A UBS spokesperson declined to comment, but UBS’s new Chief Executive Officer Oswald Gruebel “has signaled that more job cuts were inevitable,” according to the article.
Banks operating under the kinds of pressures facing UBS do not always meet their contractual and other legal obligations owed to employees. For example, employees may be denied bonuses and other compensation to which they are entitled. Similarly, such cuts often involve discriminatory practices. Terminated employees should analyze their situations and take steps to protect their interests.
Page Perry is an Atlanta-based law firm with over 125 years collective experience representing investors in securities-related litigation and arbitration. The firm also has an active practice in representing individuals in employment disputes with brokerage firms. The firm is currently involved in representing several brokers in such disputes. In the past year, 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.