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Foreign Exchange

UBS cuts Zurich FX strategy desk

UBS has made two redundancies in its FX strategy team, a source familiar with the situation tells EuromoneyFXNews.

Zurich-based strategists Manuel Oliveri and Taso Anastasiou are understood to have left UBS as part of the bank’s CHF2 billion cost-saving initiative, involving a headcount reduction by approximately 3,500 staff, announced in August. UBS declined to comment on the matter.

Nearly half of the anticipated redundancies will come from the investment bank, with the remainder spread across wealth and asset management in Europe and the Americas.

While UBS reported pre-tax profit of CHF5.5 billion, profits in the investment banking arm of Swiss bank continue to suffer. The investment bank reported a pre-tax loss of CHF256 million, which it attributed to challenging market conditions in core markets. The division also reported it has reduced its VaR and risk-weighted assets in turbulent markets.

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